This article talks about how the housing bust can force future ex-spouses to have to live together.
Getting divorced is one of life’s most difficult passages, and the housing market meltdown is making it tougher. With home prices plunging and foreclosures soaring, divorcing couples are finding it harder to rid themselves of jointly owned property ““ and as a result, each other.
Even when one spouse is willing to buy out the other and remain in the home, tighter credit means banks often refuse to refinance mortgages on properties with little or no equity.
” They used to fight over who was going to keep the house,” said Marc Angelucci, a family law attorney with the Men’s Legal Center in downtown San Diego. ” Now they’re fighting to get away from the house.”
Realtors work with a lot of divorcing or recently divorced people. Deciding how to handle underwater real estate is a very unwelcome complication to an already tough time in their lives.