Still own a house with my ex-husband divorced for over 3 years

[fletchffletch]

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

I am in a difficult situation. I still own a house with my ex-husband even though we have been divorced for over three years and separated for over five. The separation and divorce papers said that he was solely responsible for all of the expenses associated with the house because he is residing there. It also said that we were to sell the property and split the profit. My ex did not put much effort into the sale for the two years after the separation and divorce, but now he is remarried and wants to move. The house has been for sale for three years and has not sold. He has asked me to take a loss of a few thousand dollars or more in order to sell the property. I told him that I could not afford to take a loss on the property. Now he is threatening me that he will move anyway and I would be responsible for half of the costs associated with the property. I too want the house to sell, but can not afford either option. Do you have any advice that might help?

 

[Ohiogal]

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

I am in a difficult situation. I still own a house with my ex-husband even though we have been divorced for over three years and separated for over five. The separation and divorce papers said that he was solely responsible for all of the expenses associated with the house because he is residing there. It also said that we were to sell the property and split the profit. My ex did not put much effort into the sale for the two years after the separation and divorce, but now he is remarried and wants to move. The house has been for sale for three years and has not sold. He has asked me to take a loss of a few thousand dollars or more in order to sell the property. I told him that I could not afford to take a loss on the property. Now he is threatening me that he will move anyway and I would be responsible for half of the costs associated with the property. I too want the house to sell, but can not afford either option. Do you have any advice that might help?

Do you have any idea what the economy is like? He is solely responsible HOWEVER if you are on the mortgage the bank can still hold you liable. You may get NO PROFIT. If he is solely responsible then he can sell it at a loss and take the ENTIRE loss. Let the house sell and, if it is at a loss, make sure the bank approves. Then take HIM to court IF you have to pay anything. Can you afford the hit to your credit if it does not sell and he does not pay? Can you afford to pay for the house yourself?

 

[fletchffletch]

Do you have any idea what the economy is like? He is solely responsible HOWEVER if you are on the mortgage the bank can still hold you liable. You may get NO PROFIT. If he is solely responsible then he can sell it at a loss and take the ENTIRE loss. Let the house sell and, if it is at a loss, make sure the bank approves. Then take HIM to court IF you have to pay anything. Can you afford the hit to your credit if it does not sell and he does not pay? Can you afford to pay for the house yourself?
Today 01:50 PM

Yes, I understand that the housing market is in a slump and this is one of the reasons that the house is not selling. I do not care if I make a profit, but I also can not afford a loss. Court is not an option because that also would cost. I can not afford to pay for the house myself. I make less than $10000 a year and have no savings. My ex pays $50 a month child support and nothing else. I would gladly sign the house over to him and remove all legal connections, but he insists that I pay for a negative equity sale or half the mortgage once he buys a new house.

 

[mistoffolees]

Yes, I understand that the housing market is in a slump and this is one of the reasons that the house is not selling. I do not care if I make a profit, but I also can not afford a loss. Court is not an option because that also would cost. I can not afford to pay for the house myself. I make less than $10000 a year and have no savings. My ex pays $50 a month child support and nothing else. I would gladly sign the house over to him and remove all legal connections, but he insists that I pay for a negative equity sale or half the mortgage once he buys a new house.

You're missing the point entirely. The market couldn't care less whether you can afford a loss or not. If the property value is less than the mortgage, then you have a loss - period.

You could, of course, refuse to sign anything, but then your ex will likely take you to court to force a sale. Then you'll have the legal expense PLUS facing a loss on the property.

At some point, it makes more sense to cut your losses and take a smaller loss rather than face the possibility of a larger one later.