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  1. #1

    Default About to Lose the House, in California

    Reside in Californina

    My wife has moved out. We have completed meidation, almost.
    I am having to pay her $15K in equalization payments. She has agreed to pay 45% of the mortgage up to December 31st as I am trying to sell the house. At that point I will be unable to meet all the home payments and I don't want to go into foreclosure, I have been screwed enough already.

    So my question is, can I tell her that I am going to use the equalization payments for her portion until the house sells? I am doing a QADRO from my 401K to pay this off. I really don't want to have to take an loan out on it buy my choices are limited as we are going to lose 25K each on the house due to the market.

    Our mediator keeps telling me that I am lucky that she is even paying anything, she doesn't need to although her name is on the mortgage.
    Any advice is greatly appreciated.
    Thank you.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: About to Lose the House, in California

    Bring up the problems in mediation and try to come to an agreement.

  3. #3
    Join Date
    Aug 2007
    Location
    California
    Posts
    64

    Default Re: About to Lose the House, in California

    Hi

    I live in sunny CA.

    Yeah market in Central Valley & southern CA sucks right now. Lots of foreclosures. Slow sales. Home valuations going down.

    The mediator is trying to make you feel good that your ex is making payments on a mortgage that she also is responsible for? Right.....

    SO! What to do? Get back to mediation & talk about an agreement to rent the house out until the market improves & split any positive cash flow 50-50. Or split negative cash flow as in create an LLC (since you two won't be married anymore then an LLC can take any negative cash flow and in turns into a nice deduction against your and your ex-wife's income).

    There's options, just be creative. Point out that it won't be worth it to have her pay 45% of mortgage for a couple of more months and then lose the house because the market sucks. That's just money down the drain.

    HTH

    Bird Brain

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