Divorce with Home

[JoseyPD]

Hello,

This is my situation....

I am married with children. My husband and I purchased a home and are now considering divorce. When purchasing the home, my husbands parents loaned us $30k for a down payment on the house. In doing so, I was made to sign a promissory note that in the event of a separation/divorce, I would have to pay the $30k back to his parents if I were to want to stay in the home. Unfortunately, I dont have $30k to pay his parents.

In addition, this home was purchased within the past year, so there is no equity in the home. As such, there is no equity for a mortgage loan and I am currently not making enough income for a loan to pay the $30.

My concerns/questions are:
What are my rights to stay in the home? (remembering that there are children involved too)
I have no problem with eventually paying off the $30k, but do I have to do it all in a lump sum to be able to stay in the home with my children?

Your help is greatly appreciated!

 

[Duranie]

since you signed the note you may have no choice but to have your husband refi the home under his name only. If you want to stay in the home, it is fair that you refi into your name only otherwise your husbands credit can be trashed if you miss payments. He can ask that you refi the house in your name only and if you cannot do that then he can ask that the home be sold as a short sale if you are upside down.

seems to me it will cost you alot to stay in this house. Values are so cheap now in most cases you might be better off buying something else or renting. I would not want to pay his parents 30k to stay in a house you might evene be upside down on.