During Divorce Proceedings, but the Lender Still Looks to You
for the Mortgage Payments
In cases where prevention is no longer an option, the best course of action can be determined only after a close and careful reading of the divorce decree. The remedy (or remedies) which might (or might not) be available will depend in large part on the precise language and provisions in a divorce decree.
Litigants in this situation often (mistakenly) assume that all that is needed is to go back to court and either ask the court to enforce a provision in the divorce decree that purports to require a refinance of the property or to obtain a new, supplemental order which contains such a provision. The problem with this strategy is that the spouse who was awarded the home will often claim (usually truthfully) that they do not have the financial ability to comply with such an order.
Thus, a more creative solution which takes into consideration all of the facts of a specific case is typically required.
Lapin Law Offices assists clients with asset protection, business law, family law, real estate law, trust and estate law, and other legal matters.