Sorry it took me so long to get back to you. I'm a minister's wife and I've
been in church most of today, etc. Sent an email to my son which he returned
with following info:
1. price of newly constructed home, settlement 9/21/07: $419,000 (appraised at 427K in July 2008).
2. $336,000 1st mortgage in both names
(1st mortgage in both names as her credit was so poor he could not have
taken out 2nd mortgage.
3. $32,000 2nd mortgage in his name
4. Approx equity in home: $51K - $59K
Thank you for considering my question.
Divorice filing: 6/24/08
Custody agreement signed by both parties: 10/14/08
Child support 'hearing' 10/15/08 mediator waiting for letter notifying
of her structured settlement payments every three years; the next
check arrives 9/1/09 - $90,000. Tax free. And each check in successive
three year increments will increase by $39,000, so in 2011, the amount
will increase to $129,000, 2015 - $170,000, until 2021.