Nevada:
My husband cosigned on his ex-wife's mortgage a few years ago (she had no credit-it was for the kids' sake). A year later, she was late on the mortgage, so we paid it to keep our credit up. She was not managing her money well, so we went to court and got an Order by the Judge which states that we can pay the mortgage if she doesn't, or is late, and deduct it from Alimony the next month. By the way, she receives $7250/mo. in Alimony and the mortgage is about $3100/month and is current.
We recently discovered she is trying to "Short Sell" the house, even has a buyer, for $200,000 less than the mortgage payoff! We have notified the Bank that we will NOT agree to a Short Sale (as it would hurt our good credit), and, because we have a Court Order to be able to take the mortgage payment out of Alimony, we feel there is no compelling reason to do so. She is entitled to another 6yrs of Alimony.
She says she is going to push this through anyway and even threatens to take us to court?! What CAN she do? Does she have any legal arguments that would force us to eat this house?
We are considering taking over this house in exchange for her foregoing any more Alimony payments. Good idea?
My husband cosigned on his ex-wife's mortgage a few years ago (she had no credit-it was for the kids' sake). A year later, she was late on the mortgage, so we paid it to keep our credit up. She was not managing her money well, so we went to court and got an Order by the Judge which states that we can pay the mortgage if she doesn't, or is late, and deduct it from Alimony the next month. By the way, she receives $7250/mo. in Alimony and the mortgage is about $3100/month and is current.
We recently discovered she is trying to "Short Sell" the house, even has a buyer, for $200,000 less than the mortgage payoff! We have notified the Bank that we will NOT agree to a Short Sale (as it would hurt our good credit), and, because we have a Court Order to be able to take the mortgage payment out of Alimony, we feel there is no compelling reason to do so. She is entitled to another 6yrs of Alimony.
She says she is going to push this through anyway and even threatens to take us to court?! What CAN she do? Does she have any legal arguments that would force us to eat this house?
We are considering taking over this house in exchange for her foregoing any more Alimony payments. Good idea?
