Forgive the corss post, wasn't sure if this should be here or in Real Estate...
What is the name of your state (only U.S. law)? Ohio
Not sure that I can explain all of this properly, so bare with me... Purchased the home in 2001, put a lot of work into it, had 3 children and went through a dissolution in November of 2005. My kids are living in the house with their mother and her current boyfriend, so I do not want to force her to sell and put my kids out. In the separation agreement there was a clause that within 6 months she would need to refinance the house and pay me $5k for my share of the equity that went into it with all the work we did. She had a lawyer at the time that did a quick claim deed for her, so I have no rights to the house at all from what I understand... my problem is obviously it's been well over that 6 months, the housing market sucks, the mortgage (from what I've been told) is roughly at $110k, but the value of the property has sunk to about $90k, so no one will refinance her (this after a few years of waiting for her to find a job and get her credit in order before anyone would even consider refinancing her). I know I've been too lenient and I also don't have money to spend on legal wrangling, and honestly I don't want to damage the relationship the ex and I have in regards to the kids... I don't want to jeopardize anything we have established (I see the kids twice a week and every other weekend) but I have to do something about this. I'd like to purchase a house of my own and having a loan out there already isn't helping, not to mention when she misses a payment I take a hit on my credit score... She says she's exhausted all of her options and I'm not sure what to do?
Thanks.
c b j
What is the name of your state (only U.S. law)? Ohio
Not sure that I can explain all of this properly, so bare with me... Purchased the home in 2001, put a lot of work into it, had 3 children and went through a dissolution in November of 2005. My kids are living in the house with their mother and her current boyfriend, so I do not want to force her to sell and put my kids out. In the separation agreement there was a clause that within 6 months she would need to refinance the house and pay me $5k for my share of the equity that went into it with all the work we did. She had a lawyer at the time that did a quick claim deed for her, so I have no rights to the house at all from what I understand... my problem is obviously it's been well over that 6 months, the housing market sucks, the mortgage (from what I've been told) is roughly at $110k, but the value of the property has sunk to about $90k, so no one will refinance her (this after a few years of waiting for her to find a job and get her credit in order before anyone would even consider refinancing her). I know I've been too lenient and I also don't have money to spend on legal wrangling, and honestly I don't want to damage the relationship the ex and I have in regards to the kids... I don't want to jeopardize anything we have established (I see the kids twice a week and every other weekend) but I have to do something about this. I'd like to purchase a house of my own and having a loan out there already isn't helping, not to mention when she misses a payment I take a hit on my credit score... She says she's exhausted all of her options and I'm not sure what to do?
Thanks.
c b j