What happens if you break a divorce agreement?
The most drastic option if one party is breaching the marital settlement agreement is to file for contempt of the court. This is drastic because contempt of court can be a criminal charge. The punishment for this might even include jail time if the offense is serious enough.
How can I avoid foreclosure on my house after divorce?
Once the parties to a divorce decide what to do with the house and mortgage—whether one spouse wants to become the sole owner or neither spouse wants to take ownership—there are a number of options available to avoid foreclosure. If neither spouse wants the house any longer, they can attempt a short sale or deed in lieu of foreclosure.
What happens if an ex spouse violates the divorce decree?
The ex-spouse who violates the terms of the divorce decree without approaching the court for modification is in contempt of the court (which means the individual is guilty of disobedience to the courts). The court that issued the decree has the power to enforce all aspects of the divorce decree.
Can a spouse assume the mortgage after a divorce?
If one spouse wants to keep the house after a divorce, that spouse can assume the entire mortgage loan, even if the other spouse is the only signer on the mortgage or both spouses are co-signers on the mortgage. (This is true as long as there is no language in the mortgage that specifically forbids an assumption.
Can a lender sue a spouse after a foreclosure?
If there’s a deficiency remaining after the foreclosure sale—and state law allows lenders to sue borrowers to recover the deficiency —the lender can only go after the spouse named in the promissory note (which is the document that created the promise to pay).
How does a divorce lead to a foreclosure?
If both spouses originally took out the loan and the spouse who retains sole ownership of the marital home stops making payments after the divorce—but never took the necessary steps to assume or refinance the loan—the lender might then initiate a foreclosure against both parties.
If one spouse wants to keep the house after a divorce, that spouse can assume the entire mortgage loan, even if the other spouse is the only signer on the mortgage or both spouses are co-signers on the mortgage. (This is true as long as there is no language in the mortgage that specifically forbids an assumption.
What to do if your spouse is in a foreclosure?
Once you’ve determined who wants to live in the home and remain responsible for paying the mortgage (and have decided to release the other spouse from liability on the debt), that person can potentially: refinance the loan into his/her name only.
Can a spouse enforce a divorce after death?
Annette’s Question: Can anything be done to enforce a divorce after death if the spouse was in contempt to pay the other spouse money on the sale of their portion of a house? Brette’s Answer: The estate of the deceased is then responsible.