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Tuesday, December 30, 2008

NY Times: Toxic Homes and Divorces

by Calculated Risk on 12/30/2008 11:32:00 AM

From the NY Times: Breaking Up Is Harder to Do After Housing Fall

With nearly one in six homes worth less than the mortgage owed on it, according to Moody’s, divorce lawyers and financial advisers around the country say the logistics of divorce have been turned around. “We used to fight about who gets to keep the house,” said Gary Nickelson, president of the American Academy of Matrimonial Lawyers. “Now we fight about who gets stuck with the dead cow.”
I know a couple with this problem - no one wants the house.