Legal Question in Family Law in New York

Im trying to figure out how much of the home equity im entitled to. My spouse bought his ex-wife out of a previous mortgage in 1999 and the mortgage was $97750. They were on the mortgage together from 1995 to 1999 (the ex inherited the house in 1995) In 2001 the house appraised at $160000 and we both were mortgaged for $140000. The balance on the previous (1999) mortgage was $96365. The difference between the previous mortgage amount and amount financed was used to pay an equity loan and other debts. The home now is apparaised at $285000 and we owe $197000 (2010) I have also been living in the home for the past 10 months paying the mortgage and taxes solo. What exactly is the formula used to figure out exactly how much of the house im entitled to?


Asked on 9/27/10, 6:35 am

1 Answer from Attorneys
Joel Salinger Law Office of Joel R. Salinger

There is a calculation to be made here but more information will need to be provided. I recommend you sit down with an attorney with all of the info and discuss your options and what you might be entitled to. It is more complicated a question than can be answered here.

If you would like a free consultation, you can contact me at 516-746-4747 or contact any experienced divorce attorney.

Joel R. Salinger

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Answered on 10/02/10, 6:01 pm


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