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[quote=Anonymous][quote=Anonymous]This one is tricky.[b] It sounds like there’s equity in the property, so if there’s a forced sale hopefully no one should have to bring money to the table.[/b] That is, proceeds from the sale should over the entirety of the mortgage balance.

In the case this went to a short sale, you’d be better off if your ex stayed in the house. Otherwise you’d either be forced to bring money to the table or a short sale (where the bank takes a loss) will wreck your credit.

Read your loan docs carefully. Lenders have been verbally lying to their mortgagees in this rate environment about lack of ability to allow assumptions in instances of death or divorce. Not saying yours is lying to you, but confirm everything in the actual loan documents. It might be worth a consult for 1hr with a RE lawyer if you believe the lender is being dishonest about his ability to assume the mortgage.

Ps - your ex DH sounds like a hot mess. I’m shocked he can even feed himself or wipe his own butt. [/quote]

Yikes.  Any decent divorce attorney should have spelled out in the divorce decree how any shortfall in the sale of the house would be apportioned to the husband and wife and/or how much of the equity each will take if the sale covers more than the mortgage.

OP, something to think about is that the real estate market is really crappy right now and it is going to get worse, not better.  I am seeing big mark downs -- 50-100K - in price and sometimes stuff is still not selling.  You think the "value" of the home covers the mortgage, but you won't know until it sells. [/quote]

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