Full question:
Our divorce decree indicates that we put our house up for sale. We did, but because of today's market, we've only had two lookers in the past 12 months. Our decree indicates that I can live in the house until it is sold. I own 60% of the house and my ex-husband owns 40%; we make equal payments. Our 5 yr. ARM is due in June. With my ex's knowledge in October I sought out lenders to refinance the house and was told to take the house off the market for 6-8 months. I informed my ex of this; he did not respond. Now, he is indicating that he wants me to buy the house as he is not interested in refinancing and then putting the house on the market. What would you suggest me to do based on today's collapsed market? Also, at the time of our divorce, he was to pay me $20,000 to balance out our settlement. He indicated that he had no money at that time and would give me the money upon sell of the house. I took pity on him and added a notarized stipulation to the decree. I found out later that he had lied to me;therefore, coerced me into signing the document allowing him to delay the payment of the $20,000 while he kept his 401K and his inheritance from his father (the 60% and $20,000 was my payback for his use of my inheritance for his personal gain).
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: Idaho
Answer:
Courts allow parties to rescind contracts for reasons such as fraud, duress, or material breach. However, private agreements cannot modify a court order; only a court can legally enforce such modifications. A court may grant a modification of a divorce decree if both parties agree or if there is a significant change in circumstances.
One option for financing the purchase of the property is through a contract for deed, where the buyer makes payments but does not receive the deed until the purchase price is fully paid. However, if there is an existing mortgage, this could violate a due-on-sale clause, allowing the lender to demand full payment of the loan immediately if the property is sold or transferred without consent.
If the home is foreclosed upon, you could lose any investment payments made, along with the home itself.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.