I live in and got divorced in Illinois. Our house was ordered to be sold in the divorce decree. I was to assume all losses on the house sale, which were going to total about $25K if I couldn't get a FSBO and needed a realtor. My ex wants now to refinance the first mortgage and is willing to pay off half of the second to do that (we each pay $14K to pay that off). Do I need to file a change to the order in court reflecting what it is he wants to do?
Answer
I think the first thing you need to decide is whether you think this deal is fair to you. I assume that by paying off the 2nd mortgage that you will be able to refinance and put the house in your own name thereby allowing you to keep the house. Best suggestion is that you should contact your divorce lawyer and run the deal by them. You can file an agreed order with the court if you like changing the terms of your settlement agreement or not as you like.
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