South Carolina
My husband's ex quit paying the mortgage on the family home she was awarded in the final divorce decree. In the final decree, it was ruled she would maintain possession of the family home and she was responsible for all obligations related to it, i.e., mortgage, insurance, taxes. There was no mention of her having to get the thing financed in her name solely -- first BIG BooBoo (and yes my husband had an attorney - go figure).
The ex-wife paid on the house for about 18 months and then decided to buy a new home right around the corner and took out a $300,000+ mortgage on the new house, exhausting her savings - she had to put up her savings (i.e., what was left of an inheritance) as collateral as she had no job. She then let this family home awarded to her in the divorce decree sit vacant (and it was trashed when she moved out of it) for about a year. She listed it one time for four months with a local realtor during that period of time. We have spoken to the realtor who stated that while the home showed some "abuse" he had still received several offers on it that would have cleared this mortgage that has since gone bad, the ex-wife refused all offers on the home.
Yesterday, my husband gets served with foreclosure papers on this old family home. Apparently the ex-wife hasn't made a payment since March, 2005 and the bank has filed a forclosure action in Circuit Court.
In the divorce decree the ex-wife was awarded the home and was responsible for all the obligations that went with it. My husband signed a quitclaim deed and so he is no longer on the title, but he is still on the mortgage (obviously). I don't think his attorney advised him well because no where in the divorce decree was it stated that the ex-wife had to get the home financed in her name or sold within a specific time period, thus his name was never taken off the mortgage. Therefore he has the responsibility of the note but no title to the property.
My layman's understanding is that the ex-wife is now in contempt of court because she didn't keep the payments up on the home? Is this correct? What will it take to get this mess straightened out? My thought is that we (my husband and I) tender an offer to the ex-wife to have her sign the home back over to him (or us) and we catch the thing up with the bank and take over the payments. My husband is a very good commercial customer of this same bank so we do have some leeway (leverage) with the bank.
Thoughts anyone?
My husband's ex quit paying the mortgage on the family home she was awarded in the final divorce decree. In the final decree, it was ruled she would maintain possession of the family home and she was responsible for all obligations related to it, i.e., mortgage, insurance, taxes. There was no mention of her having to get the thing financed in her name solely -- first BIG BooBoo (and yes my husband had an attorney - go figure).
The ex-wife paid on the house for about 18 months and then decided to buy a new home right around the corner and took out a $300,000+ mortgage on the new house, exhausting her savings - she had to put up her savings (i.e., what was left of an inheritance) as collateral as she had no job. She then let this family home awarded to her in the divorce decree sit vacant (and it was trashed when she moved out of it) for about a year. She listed it one time for four months with a local realtor during that period of time. We have spoken to the realtor who stated that while the home showed some "abuse" he had still received several offers on it that would have cleared this mortgage that has since gone bad, the ex-wife refused all offers on the home.
Yesterday, my husband gets served with foreclosure papers on this old family home. Apparently the ex-wife hasn't made a payment since March, 2005 and the bank has filed a forclosure action in Circuit Court.
In the divorce decree the ex-wife was awarded the home and was responsible for all the obligations that went with it. My husband signed a quitclaim deed and so he is no longer on the title, but he is still on the mortgage (obviously). I don't think his attorney advised him well because no where in the divorce decree was it stated that the ex-wife had to get the home financed in her name or sold within a specific time period, thus his name was never taken off the mortgage. Therefore he has the responsibility of the note but no title to the property.
My layman's understanding is that the ex-wife is now in contempt of court because she didn't keep the payments up on the home? Is this correct? What will it take to get this mess straightened out? My thought is that we (my husband and I) tender an offer to the ex-wife to have her sign the home back over to him (or us) and we catch the thing up with the bank and take over the payments. My husband is a very good commercial customer of this same bank so we do have some leeway (leverage) with the bank.
Thoughts anyone?