My question involves marriage law for the State of: California.
An MSA (marital settlement agreement) was signed in 2014 which I agreed to give my ex-spouse 5 years to remove my name from the existing loans for our primary residence and a rental property. He remains and lives in the primary residence and still leases the rental. He agreed to make annual attempts to refinance or assume the mortgages on both the properties and hold me harmless for any taxes, penalties, maintenance, repairs, etc...associated with the properties.
He has been faithful and diligent in making the monthly payments the past 5 years. He has also received all the tax and income benefits for the properties too. He remarried as soon as the divorce was final in 2014. His wife filed a bankruptcy in 2015. However, he has been unable to qualify for either of the mortgage loans. He applied each year but missed 2016.
At the time of signing the MSA, each property was at zero value because of the inflated loans and the real estate values. The primary residence loan is at $1,250.000.00 and the rental property is at $570,000.00. There is maybe $100,000.00-$200,000.00 equity in those properties now. I believe there will be a capital gains tax on the rental property and maybe even penalties on each of the loans. However, he did agree to be responsible and hold me harmless for all that is associated with each property.
February 26. 2019 was the 5 year mark. I filed a request for order in February 2018, requesting for the courts to protect me and enforce a sale of the properties or a refinance. The judge stated my ex-spouse had the full 5 years to do that. Well, here I am....the 5 year date is come and gone. We have a court hearing scheduled for April 29th to address these issues again.
He has listed the primary residence on the market, but, has it priced ridiculously high with no activity since it was listed on March 15th, 2019. He has not produced any proof of a proactive sales/pricing management plan or a presented me with a refinance on the rental property. He also stated that escrow for a refinance loan on the rental would be closing on or about March 10th, 2019. The judge made me sign a document giving him permission to remove my name from the properties just recently- as it was an item in the MSA that I had not complied with. However, my name is still on the mortgages and I feel he has no intention to sell or refinance at all. My fear is he could be in those properties for as long as he wants...and there is nothing protecting me. My now attorney states that those properties were "awarded" to him in the MSA. However, he has not complied with the time frame of the 5 years to sell or refinance.
Do I have any recourse? I am not asking for any part of the equity- although now in hindsight I feel I am entitled to it even though when the MSA was signed the properties were at zero value. Is there any way I am entitled to any portion of the value now? How can I put a request for control, or pressure on him to do what he agreed to do?
I do not want my names on these properties or the mortgages. I cannot move forward in my life with my name on these mortgages- my income to debt ratio so inflated with my name on these properties. My attorney says since he has listed the primary residence- and the listings on social media look good....it looks as if he is complying with the courts and no judge would argue that he has listed it too high. But. I believe he is just manipulating the courts to believe he is selling and is just buying time to be in a house he cannot afford on his own at my own finance demise. What can I do here? He has already had five years!!!!
What is the name of your state?
An MSA (marital settlement agreement) was signed in 2014 which I agreed to give my ex-spouse 5 years to remove my name from the existing loans for our primary residence and a rental property. He remains and lives in the primary residence and still leases the rental. He agreed to make annual attempts to refinance or assume the mortgages on both the properties and hold me harmless for any taxes, penalties, maintenance, repairs, etc...associated with the properties.
He has been faithful and diligent in making the monthly payments the past 5 years. He has also received all the tax and income benefits for the properties too. He remarried as soon as the divorce was final in 2014. His wife filed a bankruptcy in 2015. However, he has been unable to qualify for either of the mortgage loans. He applied each year but missed 2016.
At the time of signing the MSA, each property was at zero value because of the inflated loans and the real estate values. The primary residence loan is at $1,250.000.00 and the rental property is at $570,000.00. There is maybe $100,000.00-$200,000.00 equity in those properties now. I believe there will be a capital gains tax on the rental property and maybe even penalties on each of the loans. However, he did agree to be responsible and hold me harmless for all that is associated with each property.
February 26. 2019 was the 5 year mark. I filed a request for order in February 2018, requesting for the courts to protect me and enforce a sale of the properties or a refinance. The judge stated my ex-spouse had the full 5 years to do that. Well, here I am....the 5 year date is come and gone. We have a court hearing scheduled for April 29th to address these issues again.
He has listed the primary residence on the market, but, has it priced ridiculously high with no activity since it was listed on March 15th, 2019. He has not produced any proof of a proactive sales/pricing management plan or a presented me with a refinance on the rental property. He also stated that escrow for a refinance loan on the rental would be closing on or about March 10th, 2019. The judge made me sign a document giving him permission to remove my name from the properties just recently- as it was an item in the MSA that I had not complied with. However, my name is still on the mortgages and I feel he has no intention to sell or refinance at all. My fear is he could be in those properties for as long as he wants...and there is nothing protecting me. My now attorney states that those properties were "awarded" to him in the MSA. However, he has not complied with the time frame of the 5 years to sell or refinance.
Do I have any recourse? I am not asking for any part of the equity- although now in hindsight I feel I am entitled to it even though when the MSA was signed the properties were at zero value. Is there any way I am entitled to any portion of the value now? How can I put a request for control, or pressure on him to do what he agreed to do?
I do not want my names on these properties or the mortgages. I cannot move forward in my life with my name on these mortgages- my income to debt ratio so inflated with my name on these properties. My attorney says since he has listed the primary residence- and the listings on social media look good....it looks as if he is complying with the courts and no judge would argue that he has listed it too high. But. I believe he is just manipulating the courts to believe he is selling and is just buying time to be in a house he cannot afford on his own at my own finance demise. What can I do here? He has already had five years!!!!
What is the name of your state?
