I am a new member here, located in Florida, and have searched through a lot of posts regarding mortgage refinancing after divorce. I didn't see anything that answered my questions so I'm obviously asking here.
Roughly two and a half years ago the ex-wife and I divorced. She was awarded the marital home with a year to refinance. Understanding the market at the time and how underwater the home is, I didn't press too hard on the refinancing issue the first year. This past year and a half I have pressed harder typically sending a tri-monthly email asking the status of the refinance. As per typical in these situations, no response. So my problem is this:
1.Liable for mortgage of $98,000
2.Liable for home equity of $27,000. This comes due next year with a balloon payment.
3.Unable to finance home (typical debt to income ratio)
4. Unable to use my credit for any major purchases
Lastly the ex is getting remarried and her and her spouse have a substantially large income so refinancing would logically not be an issue.
What recourse do I have in this matter? My only concern is that these loans can default and it while it will hurt her credit, mine will be devestated.
Thanks in advance for all of the replies.