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not able to pay on deadline for payout

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kitsie

Junior Member
Maryland

What can I do if I am going past the deadline to buyout the ex on our home. The refinance paperwork may take six weeks, but he is not willing to wait for that time period. Can you tell me what he can do legally.
 
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Gracie3787

Senior Member
Maryland

What can I do if I am going past the deadline to buyout the ex on our home. The refinance paperwork may take six weeks, but he is not willing to wait for that time period. Can you tell me what he can do legally.
If your court order states a specific deadline, your ex could file contempt.
However, as long as you are in the process of refinancing, you might not be found in contempt. It all depends on what the reason is that you have gone over the deadline.
 

kitsie

Junior Member
The deadline will be within a weeks time. Due to the housing crisis I was not able to borrow on my own I then obtained a co-signer. I am concerned that he will try to have the court fine me. He has said he will file contempt of court. I don't need to pay out more lawyer fees at this time.
 

mistoffolees

Senior Member
The deadline will be within a weeks time. Due to the housing crisis I was not able to borrow on my own I then obtained a co-signer. I am concerned that he will try to have the court fine me. He has said he will file contempt of court. I don't need to pay out more lawyer fees at this time.
He may be bluffing, so don't get too worked up at this point.

To minimize the risk of paying a fine, I would send him a letter (preferably certified mail) stating where you are in the process, indicating that you've filled out the application and obtained a co-signer and when the bank says you can expect to close. You might even include information showing that you applied earlier and were rejected.

If you go past the deadline, you would technically be in contempt, but if you show a good faith effort to comply, it's unlikely that a court would penalize you. Besides, if he requests a court date today, it would be many weeks (perhaps months) before he could obtain a hearing and you may be closed by then, so you'd simply walk into court and explain that you complied with the court order.
 

nextwife

Senior Member
Maryland

What can I do if I am going past the deadline to buyout the ex on our home. The refinance paperwork may take six weeks, but he is not willing to wait for that time period. Can you tell me what he can do legally.
Just curious:

If you are under a tight time frame, WHY would have chosen a lender that needs SIX weeks to process your loan? It's going to take six weeks because YOU selected a slow loan processor. Plenty of lenders are out there that can do it is half that time or better. Have you spoken to a brick and mortar lender? I see local banks doing refi's in two weeks.
 

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