Property

[AngelV]

What is the name of your state (only U.S. law)? Utah

My ex-husband is residing in our home until our daughter is 18 (six years) at which time he is required to sell it and pay me 50% of the equity plus another $13,000 from his portion. Or he can buy me out with $40,000 at anytime. He is threatening to walk away from the house and let it fall into foreclosure. I am not on the Mortgage just the Title? What can I do legally to protect myself?What is the name of your state (only U.S. law)?

 

[mistoffolees]

What is the name of your state (only U.S. law)? Utah

My ex-husband is residing in our home until our daughter is 18 (six years) at which time he is required to sell it and pay me 50% of the equity plus another $13,000 from his portion. Or he can buy me out with $40,000 at anytime. He is threatening to walk away from the house and let it fall into foreclosure. I am not on the Mortgage just the Title? What can I do legally to protect myself?What is the name of your state (only U.S. law)?

Is there any equity now?

If there's no equity now, then it won't hurt your credit rating for him to walk away - except that you'll want to go back to court to get a new order for the $13 K.

If there's some equity now, you could go to court to have a sale ordered, although you probably don't have any standing to do so until he actually defaults on the loan.

 

[LdiJ]

What is the name of your state (only U.S. law)? Utah

My ex-husband is residing in our home until our daughter is 18 (six years) at which time he is required to sell it and pay me 50% of the equity plus another $13,000 from his portion. Or he can buy me out with $40,000 at anytime. He is threatening to walk away from the house and let it fall into foreclosure. I am not on the Mortgage just the Title? What can I do legally to protect myself?What is the name of your state (only U.S. law)?

Why is he threatening to walk away from the home and allow it to fall into foreclosure?

And...like the other poster asked, how much equity is there in the home now?

 

[AngelV]

There is about $60,000 equity currently. He is threatening to walk away out of spite and nothing more.

 

[mistoffolees]

There is about $60,000 equity currently. He is threatening to walk away out of spite and nothing more.

If he walks away, you could go to court to order a sale. I would suggest that you have the court order an appraisal right away so that if the house sells for less than it should due to his neglect that HE is the one who suffers rather than you.

That is, if the appraisal indicates that the equity (after selling costs) would be $50 K. You're supposed to get 1/2 plus $13 K - or $28 K.

Now, let's say that the neglect causes the house to sell for $20 K less. I would ask the court to make sure you get your $28 K and he gets what's left ($2 K). No guarantee the court would go along, but it's worth a try.