Paying ex-spouse equity in home

[katkat75]

What is the name of your state? FL

My fiance's divorce stipulated that he is to pay his ex-wife $16,000.00 in equity (her half) in the marital home (in which he and his son reside). No specific time frame was in the order. Due to the current situation with equity mortgages, it being a manufactured home and his shattered credit score due to the divorce he cannot cash out any equity in the home at this time. My fiance fully intends to fulfill his obligation when he is able to do so but in the interim can she take him to court for contempt of the court order?

Thank you for you input.

[nextwife]

Originally Posted by katkat75

What is the name of your state? FL

My fiance's divorce stipulated that he is to pay his ex-wife $16,000.00 in equity (her half) in the marital home (in which he and his son reside). No specific time frame was in the order. Due to the current situation with equity mortgages, it being a manufactured home and his shattered credit score due to the divorce he cannot cash out any equity in the home at this time. My fiance fully intends to fulfill his obligation when he is able to do so but in the interim can she take him to court for contempt of the court order?

Thank you for you input.

A lot of these orders are really problematic, because the so-called "equity" has evaporated due to market conditions, and lenders are requiring higher LTV ratios in their underwriting, thus it is impossible, for now, to do a cash out refi to pay off a STBX's "half" of the equity.