Here's the facts:

We bought an acreage together 2 weeks before we got married for $48,000 on a Contract for Deed. I paid the down payment of $5,000. We were married for a little over 2 years when we divorced. The divorce decree states that I and my children would continue living here and we agree to sell the property, as well as how the money will be divided after the sale. Since I"ve made all payments, taxes, etc. since he moved out in May 2007; I will get a substantial amount of the profit.

Well, I"ve advertised, had lots of lookers, one firm offer that fell through because of financing, and that's it. I think I'd really like to stay here, so that means buying him out. Any idea how to go about this? I think I still owe about $25,000 on the property and $3,000 on the second mortgage. It's appraised at $60,000. My ex's share would be roughly $12,000. So, I'm thinking if I took out a loan for $50,000 I could pay off the house, and the ex, and have money for much needed improvements such as windows and the roof. The catch is that my credit rating really took a nosedive during our marriage because he wouldn't work and I didn't make enough money to keep up with the credit cards I had to use; so I have 2 credit cards in default with about $6,000 in debt.

Any suggestions?

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