Terry L. : Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.yes, she can enforce the hold harmless clause in the agreement
Terry L. : This would require you to pay for the 2nd or be in contempt of the decree
Terry L. : Unfortunately, not much you can do. Perhaps try a short sale? Maybe 2nd would agree to take less to close
Couldn't I get absolved from this via bankruptcy by including any obligations from the divorce decree in it?
Terry L. : No, those are not dischargeable in bankruptcy
Terry L. : Tough situation. I would try short sale, otherwise you could keep paying 2nd mortgage after foreclosure, to pay balance to protect your ex
I have no assets now and it wouldn't be worth her to go after me except being removed from an obligation to pay me a 48K equalization payment. Could she come after me in the future when my financial situation improves?
Terry L. : Otherwise, try the short sale, the 2nd may often write off a good chunk
Terry L. : She could get a judgment against you, garnish 15 percent of your wages, nab your tax refunds etc
Terry L. : She can always enforce the divorce decree if the creditor comes after her.
Terry L. : Obviously, you can see that she can be harmed if they sue, it will harm her credit too, she can fall back on the hold harmless clause to get you to still pay
Terry L. : Tough situation, I see this pretty frequently though in this real estate market
So, the only solution to prevent any future headaches from this is a short sale?
Terry L. : Unless you can refi
Terry L. : Or keep paying that note
can't do any of those
Terry L. : Wish I had better options
house is under water