I was married for 18 years, received my divorce Oct 1, 2005. My decree says my wife can live in our house (both our names are on the mortgage) and must sell or refinance when my youngest graduates college or before. It also states she must maintain all mortgage and house fees. It says if the mortgage goes into default or foreclosure, I have the "first right of refusal" to refinance the house in my name and take her off the loan thus purchasing it. My problem is that she is 3 months late on the payments; the mortgage company is harassing me every day for a payment. What steps can I take to get her to either sell the house, or give it back to me so I can sell it? Do I have to wait until it goes into foreclosure and ruins my credit?
First let me state I am not licensed in Ohio. According to what you have said you have the right to refinance the property if she goes into default. She is in default so you should have the right to refinance the property in your name. I would really need to read your decree before telling you what exact options you have. I would recommend consulting an attorney in your area who can review your Decree and advise you of other options.