Once upon a time, in the not so distant past, I would receive a phone call from a client who would tell me on a Friday that he or she had listed their marital home for sale. On Monday, I would often receive another call informing me that a contract for the sale of the home had been signed. Those were the days when "sub-prime" meant a steak of questionable quality and a "bailout" was a way of getting a criminal client out of jail. Times have changed. Matrimonial attorneys are now working in an environment where there is a large inventory of unsold homes and clients who are economically strapped are unable or unwilling to buy out their spouse's interest. Individuals who might otherwise decide to sell their homes are reluctant or incapable of doing so at depressed values, particularly in those cases where the mortgage balance exceeds the home's fair market value. Even if parties decide to sell at today's values, they face the problem of finding a buyer who is able to obtain financing. Accordingly, divorcing couples are frequently reaching the realization that one of them is going to have to remain in the home until it is sold and/or the real estate market improves.
