What happens when a party in a divorce can no longer afford the residence ?

Question

A decree was signed agreeing that one party may stay in the house and give the other 30,000 for her share in the equity upon sale or refinace. When the house won't sell for enough to cover it and he no longer can afford the payments due to job loss and the other party wants the money now what are his options if she doesn't want the house, but he can't afford it, but it's a court order?

Answer 1

Depends on the divorce contract.

Answer 2

sell it and split the money!!!!

Answer 3

wondering if you have some kind of agreement between parties to sell the house..it had such agreement and the house was sold and both parties ended up with their half of the profits from the sale of the house

Answer 4

Well he can't split the $$ if he owes her 30,000 of it.  He'll have to sell the house, pay off the mortgage, give her the profit (up to 30,000) and move on.  He has to make sure he has proof of the amount he's pd to her for his sake.  If the profit is less than 30,000 he will owe the rest to her.  She will probably have to take him back to court for a judgement on the remaining amount.

Answer 5

you sell it and split the profit or the other party can buy you out if they want to keep it.