JoseyPD
12-12-2008, 08:43 AM
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.
Additionally, the home was purchased within the past year and there is no equity built in the home so therefore I dont believe I could get a home loan mortgage. Furthermore, I am currently not making enough income to take a loan out for $30k.
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!
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.
Additionally, the home was purchased within the past year and there is no equity built in the home so therefore I dont believe I could get a home loan mortgage. Furthermore, I am currently not making enough income to take a loan out for $30k.
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!