Legal Question in Real Estate Law in Nevada

Hello

I am divorced and with the divorce decree an agreement was reached that we would each make half the mortgage payment and the house would be sold. She is living in the home and has remarried now. December last year She stopped making her required payments due a layoff and I have been covering the shortage. I have the resources to pay my own living expenses and cover the mortgage and equity loan. But because of the housing bubble burst the home has not sold. My question is what I can do. I don�t want the home I am unable to manage it from California where I now live. Taking her to court to have her evicted still doesn�t solve the problem. I want to be released from all liability and have her take it completely of my responsibility. Is there any way of doing this at all legally. Family members are telling just to walk away. But I am not in financial distress. Just Unable to utilize my income. As of now we are no longer amiable and what ever happens from here on out I need to protect myself and don�t know how.

Thanks for you r time

Thomas Brandt


Asked on 8/24/09, 3:24 pm

1 Answer from Attorneys
Greta Muirhead

I am assuming that because your ex is laid off and because you are upside down on the house, that she cannot refinance--most people cannot these days.

Without a refinance or a sale, you are stuck with the liability for the house. If the entire mortgage doesn't get paid, then your credit will be adversely affected.

You could try to do a short sale. Some lenders are reporting short sales a "settled" meaning that there should be no adverse affect on your credit, however there is no guarantee and short sales are not easy. You could allow the foreclosure, but that will affect your credit and the bank can sue you for a deficiency judgment.

You could also file Bankruptcy. Or, you could try to find a renter for the home in the hopes that the renter would cover most of the mortgage. Of course, your ex needs to move out.

There are no good options.

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Answered on 9/03/09, 4:42 pm


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