divorce and liability release

[bob111781]

Thanks, everyone!

In my situation, I was not in contempt either.

It all boils down to biased judges looking out for women and putting the screws to men.

Thank you for all your answers. I sent her the assumption request/release of liability forms, and she laughed in my face. Per our divorce agreement, I would take on all debts from the sale of the house as well as (assuming there would be any) profits from the house.

So, in response to someone above suggesting she wants the house on the market longer to sell, she would get no compensation at that time. Whether the house sells or she signs it over to me, she gets NO money. Not to mention that the house is in over 50,000 dollars negative equity.

I have looked into my options of foreclosure. I have no money left. I took over all her debt (including money spent on the house and her car). If she sues me, I have no money to pay her. Can the court garnish my pay if she wins?

 

[mistoffolees]

Thank you for all your answers. I sent her the assumption request/release of liability forms, and she laughed in my face. Per our divorce agreement, I would take on all debts from the sale of the house as well as (assuming there would be any) profits from the house.

So, in response to someone above suggesting she wants the house on the market longer to sell, she would get no compensation at that time. Whether the house sells or she signs it over to me, she gets NO money. Not to mention that the house is in over 50,000 dollars negative equity.

It doesn't matter. If there's a short sale, her credit will be damaged. That gives her the right to hold out for a sale which will cover the debt.

I understand that she is probably being foolish. I also understand that there may be no chance in hades of the home selling for what you owe on it any time soon. That doesn't change the fact that she does not legally have to accept a short sale unless the court orders her to.

I have looked into my options of foreclosure. I have no money left. I took over all her debt (including money spent on the house and her car). If she sues me, I have no money to pay her. Can the court garnish my pay if she wins?

The court can absolutely garnish your pay.

More importantly, you just explained why your ex is resisting taking a low-ball offer. Your first post said:
"We also agreed I would pay for any losses on the house if we were to lose money. "
Just how do you think you're going to do that if you don't have any money?

Foreclosure might look like an easy way out, but you'd do severe damage to her credit rating - and could be liable. I don't have any idea how the court would put a dollar value on that, but it's a big risk.

What you really need to do is figure out how to hold onto the house until property values recover and you can break even on it. Moving out while you were still responsible for the mortgage was a very silly move. You're now paying for 2 homes instead of 1. It's no wonder money is tight. If I were you, I'd move back in until the house sells and terminate your current lease as soon as you are able.

 

[bob111781]

It doesn't matter. If there's a short sale, her credit will be damaged. That gives her the right to hold out for a sale which will cover the debt.

I understand that she is probably being foolish. I also understand that there may be no chance in hades of the home selling for what you owe on it any time soon. That doesn't change the fact that she does not legally have to accept a short sale unless the court orders her to.



The court can absolutely garnish your pay.

More importantly, you just explained why your ex is resisting taking a low-ball offer. Your first post said:
"We also agreed I would pay for any losses on the house if we were to lose money. "
Just how do you think you're going to do that if you don't have any money?

Foreclosure might look like an easy way out, but you'd do severe damage to her credit rating - and could be liable. I don't have any idea how the court would put a dollar value on that, but it's a big risk.

What you really need to do is figure out how to hold onto the house until property values recover and you can break even on it. Moving out while you were still responsible for the mortgage was a very silly move. You're now paying for 2 homes instead of 1. It's no wonder money is tight. If I were you, I'd move back in until the house sells and terminate your current lease as soon as you are able.

I understand what you are saying. Is there any way to see precedents in my state? I would like to get an idea on how the court has ruled in the past.

As for the hit on credit, the short sale was going to go through without any effect on credit (I was going to take a personal loan to make up for the difference)

 

[mistoffolees]

I understand what you are saying. Is there any way to see precedents in my state? I would like to get an idea on how the court has ruled in the past.

As for the hit on credit, the short sale was going to go through without any effect on credit (I was going to take a personal loan to make up for the difference)

If you could get a letter from the bank saying that there would be no impact on her credit rating nor any other obligations, then you could probably get a court to force the sale.

 

[bob111781]

If you could get a letter from the bank saying that there would be no impact on her credit rating nor any other obligations, then you could probably get a court to force the sale.

Thank you. That makes me feel better (like there is another option). If I can force her to sell (with no damage to her credit and no money out of her pocket), why is it that I cannot force her to sign a liability release (with no damage to her credit and no money out of her pocket). The only difference is money out of my pocket

Sorry, I'm just venting at this point.

 

[mistoffolees]

Thank you. That makes me feel better (like there is another option). If I can force her to sell (with no damage to her credit and no money out of her pocket), why is it that I cannot force her to sign a liability release (with no damage to her credit and no money out of her pocket). The only difference is money out of my pocket

The difference is that YOU can not force her to do anything. The court can.