Hello:
My husband (ex now) and I got a dissolution five years ago after 30 years of marriage - totally his idea, be left me for another woman. In the separation agreement, I was given 7 years to refinance the house to get him off the mortgage. I had a loan approved four years ago, but the house did not appraise high enough. Since that time, the value has dropped about 20K. According to our agreement, I have two years left to refinance. My new husband and I have both had quite a few medical issues and have gone into more debt because we were not getting paid or not getting paid fully while we were off work.
I haven't checked the numbers yet, but I think the house will still be underwater at the end of the two years and I'm not eligible to refinance under HARP. So, I'm afraid that I won't be able to refinance because of the value of the house and having too much debt.
Who would have known that the housing market would crash so badly? Is it ever possible to go back to court to get our agreement modified to address the issue of lower market values. My ex does not speak to me for whatever reason, so I can't really discuss this with him and I'm afraid his new wife would butt in and not want him to allow me more time. I think he's still ashamed of the way he left me - sent me an email and moved out while I was at work. I was thinking if the value is not high enough to refinance, it's not high enough to sell either to clear the mortgage balance. I'm just not sure what to do. I don't want to lose my home, I've lived here for 30 years.
He has not quite lived up to part of the agreement and I did not press the issue. He was to pay me money for our daughter's expenses and he did not pay me anything for quite a while. I think I deserve to be given some leeway too.
My husband (ex now) and I got a dissolution five years ago after 30 years of marriage - totally his idea, be left me for another woman. In the separation agreement, I was given 7 years to refinance the house to get him off the mortgage. I had a loan approved four years ago, but the house did not appraise high enough. Since that time, the value has dropped about 20K. According to our agreement, I have two years left to refinance. My new husband and I have both had quite a few medical issues and have gone into more debt because we were not getting paid or not getting paid fully while we were off work.
I haven't checked the numbers yet, but I think the house will still be underwater at the end of the two years and I'm not eligible to refinance under HARP. So, I'm afraid that I won't be able to refinance because of the value of the house and having too much debt.
Who would have known that the housing market would crash so badly? Is it ever possible to go back to court to get our agreement modified to address the issue of lower market values. My ex does not speak to me for whatever reason, so I can't really discuss this with him and I'm afraid his new wife would butt in and not want him to allow me more time. I think he's still ashamed of the way he left me - sent me an email and moved out while I was at work. I was thinking if the value is not high enough to refinance, it's not high enough to sell either to clear the mortgage balance. I'm just not sure what to do. I don't want to lose my home, I've lived here for 30 years.
He has not quite lived up to part of the agreement and I did not press the issue. He was to pay me money for our daughter's expenses and he did not pay me anything for quite a while. I think I deserve to be given some leeway too.