What is the name of your state (only U.S. law)? Michigan
I divorced in April 2007. At the time, we both agreed my ex-husband would be paid the equity in the home when our child turned 18 or graduated from High School. He never signed a Quit Claim Deed, so my ex is still on the mortgage. My son is 17, so I decided to try and refinance so I can pay off my ex, interest rates our low and (didn't realize at the time, my ex added to the divorce decree I have to pay him 3.5% interest on the total amt. owed yearly until I pay him off.)
My house was appraised last week $72,000 less that what it was appraised at the time of the divorce. I can't even borrow enough money to give him even half of what I owe him.
Can I get family court to adjust this due to the market? Is this a losing battle and a waste of court fees?
I would love to get some opinions, Thanks
I divorced in April 2007. At the time, we both agreed my ex-husband would be paid the equity in the home when our child turned 18 or graduated from High School. He never signed a Quit Claim Deed, so my ex is still on the mortgage. My son is 17, so I decided to try and refinance so I can pay off my ex, interest rates our low and (didn't realize at the time, my ex added to the divorce decree I have to pay him 3.5% interest on the total amt. owed yearly until I pay him off.)
My house was appraised last week $72,000 less that what it was appraised at the time of the divorce. I can't even borrow enough money to give him even half of what I owe him.
Can I get family court to adjust this due to the market? Is this a losing battle and a waste of court fees?
I would love to get some opinions, Thanks