Refinancing Home

[whynaz]

What is the name of your state? AZ

My decree gave me until November 1, 2002 to either sell or refinance my home. If I refinanced I was to pay my ex-husband a sum of money which was half the comp value of the home at the time of the divorce minus the amount owed on the mortgage. Out of his portion a few other owed debts were removed. If I could not refinance I had to sell the house and the proceeds were to be split 50/50. There is no mention about who pays for closing costs and other fees associated with refinancing or selling. I was able to refinance the home and need to sign the papers tonight, but I need to know if he has to pay for half the closing costs and appraisal fees. Also I had to have some major repairs done on the home to maintain the value and saleability of the home. Does he have to pay for half of those repairs?

 

[I AM ALWAYS LIABLE]

What is the name of your state? AZ

My decree gave me until November 1, 2002 to either sell or refinance my home. If I refinanced I was to pay my ex-husband a sum of money which was half the comp value of the home at the time of the divorce minus the amount owed on the mortgage. Out of his portion a few other owed debts were removed. If I could not refinance I had to sell the house and the proceeds were to be split 50/50. There is no mention about who pays for closing costs and other fees associated with refinancing or selling. I was able to refinance the home and need to sign the papers tonight, but I need to know if he has to pay for half the closing costs and appraisal fees. Also I had to have some major repairs done on the home to maintain the value and saleability of the home. Does he have to pay for half of those repairs?

My response:

No, because you chose to keep the home - - and that is a benefit. It's also a liability because of your choice. You also benefited by making the repairs, and you'll keep benefitting from them because, again, you chose to keep the home and enjoying those repairs. Also, it's not in the "contract" of your Marital Settlement Agreement.

If you had decided to sell the home, then my answer would have been different.

IAAL

 

[whynaz]

Thank you for the answer. Do that also apply to the closing costs and appraisal fees?

 

[I AM ALWAYS LIABLE]

Thank you for the answer. Do that also apply to the closing costs and appraisal fees?

My response:

You pay for everything, 100%, because you chose to keep the home, and the sharing of costs, fees, taxes, etc., etc., was NOT in the Marital Settlement Agreement.

Whomever wrote that Settlement Agreement should be shot for having screwed you. Gee, did you write it?

IAAL

 

[whynaz]

No I paid a lawyer a lot of money for my divorce. This just happens to be one of many things that are now coming to light that have been done wrong. I guess that there is nothing I can do but live and learn and don't pass my lawyer on as a good bet.

 

[I AM ALWAYS LIABLE]

No I paid a lawyer a lot of money for my divorce. This just happens to be one of many things that are now coming to light that have been done wrong. I guess that there is nothing I can do but live and learn and don't pass my lawyer on as a good bet.

My response:

I would write the attorney at "tongue-in-cheek" thank you note, detailing how he failed miserably to protect your interests. Thank him for charging you $XXXX.00, and thank him for COSTING you $XXXX.00, when any third year law student would have known better. Also, tell him that you'd be VERY happy to refer clients to him - - if they want to eventually go bankrupt with his form, and type of lousy representation!

What an idiot!

IAAL

 

[cyana]

Gee... did we have the same lawyer?

I got just a slighly better deal than you. I have to sell the house by the time or at least an offer by the time my son graduates from High School in June 2004. I have to pay all the repair costs too. In turn, I get all the mortgage deductions. In my case, my credit was so thoroughly trashed by my XH that I could not refinance and HAVE declared bankruptcy, and so the house will remain in both names. If I chose to remain after my son's graduation, then we would "mutually" agree to find an appraiser, split all fees associated with the appraisal, and if the appraisal is over $X amount I have to pay my XH 45% over the $X amount. Because I am disabled there is no way I can remain in a two story house. And yes, I paid my lawyer big bucks too.

Maybe I'm foolish too, not to have thought of all the details involved in keeping a house too but at least I get the mortgage deduction, which is substantial. And that is a benefit tax-wise.