Monday, November 30, 2015
Sell the Home -- After Spouse Refuses to Refinance
| The Court, determined that, in this case, where the Spouse Failed to Refinance the House After Divorce, the House Could be Ordered to be Sold. |
In a Decision - L.H. v. D.H., - the Court Held that the House Is To Be Sold After Divorce If Spouse Fails to refinance. The Credit of the Other Spouse Should Not be Damaged.
A snippet:
For the reasons set forth in this opinion, the court holds the following:
1) A positive credit rating and score is one of the most important assets a party may have, particularly following divorce, when there is often a necessity for one to financially rebuild his or her life;
2) When a divorcing party breaches an obligation to refinance a mortgage note, and/or subsequently misses or makes late payments on same, such actions may seriously damage the other party's credit report and score;
3) Even when the responsible party pays the mortgage on time, and there are no missed or late payments, a breach of obligation to refinance or satisfy an outstanding mortgage so as to remove the other party’s name from same is still actionable, and may justify equitable relief in order to protect the other party’s credit rating from present or future damage.
4) When a party in possession of the former marital home fails to refinance the mortgage so as to remove the ex-spouse's name from the mortgage note, in violation of court order, the court may grant equitable relief, including but not limited to: (a) granting the aggrieved ex-spouse power of attorney to list the and sell the home through a bona fide realtor at a recommended price, and (b) removal of the defaulting party from the home, particularly if he or she obstructs the realtor's access to the home or any other material aspect of sale.