Financially Drained w/ Equity tied Jointly

[michelle_rene]

What is the name of your state? Illinois
X got use of house til youngest child turns 18 and then house is to be sold and equity split evenly. There are 4 years left until sale. Currently financially behind and in need of my portion of equity. Home worth around 130,000 and currently owe around 21,000. What are the possibilities of a judge ruling to amend judgement to have home refinanced, turning over my share of equity now.

And How would I go about it... Pro Se?

 

[LdiJ]

What is the name of your state? Illinois
X got use of house til youngest child turns 18 and then house is to be sold and equity split evenly. There are 4 years left until sale. Currently financially behind and in need of my portion of equity. Home worth around 130,000 and currently owe around 21,000. What are the possibilities of a judge ruling to amend judgement to have home refinanced, turning over my share of equity now.

And How would I go about it... Pro Se?

Is your x able to refinance in his/her own name? Can he/she qualify for and afford a new mortgage?

If so, have you discussed with him/her whether or not he/she is willing to refinance to buy you out?

You do realize that this is probably the worst possible time to try to sell or refinance a house? You do realize that things could be much better in 4 more years?

 

[penelope10]

Is your x able to refinance in his/her own name? Can he/she qualify for and afford a new mortgage?

If so, have you discussed with him/her whether or not he/she is willing to refinance to buy you out?

You do realize that this is probably the worst possible time to try to sell or refinance a house? You do realize that things could be much better in 4 more years?

LD is right. At this point there are some people finding out, sadly, that they have little or no equity in their home. Glad I did my own refi before the boom went bust.