service marital home debt

[jrmtgp]

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

What does "service marital home debt" mean? "Defendant will service the marital home debt until sold and service the home equity loan for as long as he earns sufficient income or receives disability to permit him to make said mortgage and loan payments. Each party shall be given credit for post judgment principal payment reduction from net proceeds.

 

[justalayman]

it means you will make the payments

 

[sandyclaus]

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

What does "service marital home debt" mean? "Defendant will service the marital home debt until sold and service the home equity loan for as long as he earns sufficient income or receives disability to permit him to make said mortgage and loan payments. Each party shall be given credit for post judgment principal payment reduction from net proceeds.

It means whether or not you reside in the house, you get to pay for it, unless/until you can't afford to anymore.

 

[LdiJ]

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

What does "service marital home debt" mean? "Defendant will service the marital home debt until sold and service the home equity loan for as long as he earns sufficient income or receives disability to permit him to make said mortgage and loan payments. Each party shall be given credit for post judgment principal payment reduction from net proceeds.

It means that the defendant must pay the mortgage and home equity loan payments until the house sells, unless something changes significantly with the defendant's income. It also means that when the house sells, the defendant (and the other party) will get credit for the amount of equity that resulted from any mortgage payments they made after the divorce is final.

 

[single317dad]

It means you need a good realtor

 

[Bali Hai]

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

What does "service marital home debt" mean? "Defendant will service the marital home debt until sold and service the home equity loan for as long as he earns sufficient income or receives disability to permit him to make said mortgage and loan payments. Each party shall be given credit for post judgment principal payment reduction from net proceeds.

It means any loan payments you make on the marital home post judgement, you will be given credit for the principal payment reduction on those payments when the property sells. If I read correctly, she also gets principal credit for half the payments you make.

It means that if the payments all resulted in loan interest (which is not uncommon) you don't even get credit for half the payments at the time of sale.

If this is the case, it means you got screwed. You may want to ask your lawyer why they let that happen.

 

[Bali Hai]

It means that the defendant must pay the mortgage and home equity loan payments until the house sells, unless something changes significantly with the defendant's income. It also means that when the house sells, the defendant (and the other party) will get credit for the amount of equity that resulted from any mortgage payments theymade after the divorce is final.

I am compelled to point out that legally there is no THEY after the divorce is final.

This is all double talk to extract as much money out of OP as possible and favor the other party.