as part of my divorce settlement, I am to pay off a home equity loan by May of 2016. I have been paying it monthly but I don't think I will have it paid off by May of 2016. What can I do to have it changed or negotiated if at all possible.
You can try to negotiate a modification of your agreement with your former spouse.
Under the rules governing the conduct of attorneys in New York it may be necessary to remind you that this answer could be considered attorney advertising.
You are looking to modify your existing agreement. To do that, you will need to convince your ex-spouse that it is not feasible for you to pay off in full the home equity loan. It would be helpful to know the dollar figures involved. Giving your ex a reasonable alternative is key to getting a modification. If you come to an agreement you will need to have it memorialized in a document. You should have an attorney do that to avoid unnecessary complications at a later date.
You can either negotiate with the other spouse or you can seek modification with the court. You should speak to your attorney.
I am an attorney with over a decade of experience in Matrimonial and Family Law with offices in Brooklyn and Manhattan. I have experience in all five boroughs as well is Nassau and Suffolk County. The opinion expressed in this ad based upon the limited information provided and do not indicate an attorney-client relationship
You can always explain the circumstances to your ex-spouse & she if s/he will agree to modify your prior divorce settlement. If s/he refuses to do so, you may need to file an order to show cause to request an extension of time. Schedule a consult with a Dutchess/Westchester divorce attorney for more info.
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