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#772739 - 11/13/16 11:15 PM Ex-Wife has not refinanced
joep Offline
recently joined

Registered: 11/13/16
Posts: 1
STATE: North Carolina
Separated: April 2013
Divorced: August 2014
So in the separation papers it states the following:
The parties agree that Wife will reside in the Marital Residence and maintain the property, including making all payments associated with said residence. Wife shall assume all obligations arising out of the note(s) that is secured by the deed(s) of trust relating to the Marital Residence and shall pay all sums becoming due thereunder and shall maintain adequate insurance on the property and pay all ad valorem taxes as the same become due. Also, Wife shall indemnify Husband from and against all obligations, claims and expenses, including reasonable attorney’s fees arising out of or relating to the aforementioned note(s) and deed(s) of trust. Wife shall make her best good faith effort to refinance or otherwise solely assume the mortgage debt associated with the marital residence such that Husband’s name is removed from the same.

I've asked her when she's going to refinance or assume the mortgage and she's said she's tried but not able too.
My son told me she's now in debt consolidation and her credit score is 475.

I'm afraid regardless of what this document says if she fails to make payments it will effect my credit score also and the bank's don't care if it says she pays or not. Since my name is also on the loan they will come after me.

Can I take her to court and have them force her to refinance because it's been over 3 years which is more than time?
She received 1/2 of my 401K just after the divorce and I know she didn't roll it over, she took the cash.
So she had ample opportunities to refinance.


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#772740 - 11/14/16 03:38 AM Re: Ex-Wife has not refinanced [Re: joep]
TJMH Online   content

enthusiast

Registered: 07/17/15
Posts: 347
With a 475 credit score she probably can't refinance, so by applying she's made her good faith effort and fulfilled her obligation under the decree. And if you're on the mortgage and it goes into default it probably will impact your credit no matter what the divorce decree said.

Too late now but if it were me, particularly if I had doubts about her financial responsibility, I'd have insisted that the decree include a time limit for refinancing (maybe 6 months) and that if refinancing was not completed in that time the home must be listed for sale and both parties must make good faith efforts to complete a sale. I'm surprised your lawyer didn't bring that up.

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#772748 - 11/16/16 06:07 PM Re: Ex-Wife has not refinanced [Re: joep]
MinnesotaMom Offline

old hand

Registered: 01/05/11
Posts: 792
"Wife shall make her best good faith effort to refinance"

That's so poorly worded that there is no contempt and you can't force her to do anything with the house.

With a 475 FICO score, she couldn't get a loan for a dollar. Anything below 550 usually means you quit paying everything.

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