Profile picture for madinva

I'm getting a divorce but I want to stay in our house. My husband wants me to buy him out and he wa

I am getting a divorce and want to stay in the house.  My husband wants me to buy him out and wants me to refinance for $278,000 when my mortgage and equity line only equal $157,000 so he can walk away with $121,000.  I can't afford a refi at $278,000 much less the monthly payments.  Any suggestions?
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April 02 2009 - Norfolk
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Answers (8)

Profile picture for wetdawgs
I hope you sorted this out in the five years since you asked the question.  I wonder why it got bumped to the top of the list.
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June 14
It does not sound fair that you would end up with almost 300k in debt, while he walks away clean with $121k cash to buy a home free and clear. I would get a lawyer as soon as possible!
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June 14
Profile picture for JessicaWalter93
[Spam]
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June 13

I suggest you find out the current market value of your home and then give the data to your attorney. 

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April 02 2009
I agree, get a lawyer!  A divorce opens up so many financial decisions that can impact your life for many years to come.

Basically, you do need to split the equity in the home.  So say the house is worth $399K for example. (I am guessing based on the numbers you provided).  You should get someone to do a valuation on the house.  An appraiser if you can.

Then say you owe the $157K.  The difference is $242 - the value you have in the home.  If that were the case, you do need to split this.  Divorcing couples typically have two options.  1) Sell the house and each spouse takes their split of the profit.  2) You give the spouse who is leaving their share of the profit.  Given you likely don't have the money in the bank, refinancing the house is the next option.

I am sorry that you are losing your marrige and, possibly your home.  But if you cannot afford the house without him, you may have to sell.
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April 02 2009
1.  Get a lawyer.  I'm serious!  This is important on many levels.
2.  Refinancing for 278K if the house is only worth 157K is a bad financial move and could involve fraud against the lender - not a can of worms you want to get into.
3.  If the house is actually worth 278K or more, then he may be right.  Lenders do not release a party on a note simply because of a divorce.  Further, the obligation of the borrower to pay the mortgage survives the divorce.  Your husband likely does not want to continue to be liable for the mortgage if he is not living in the house and you two have split up.  It's sad but often the reason houses are sold during a break up is because neither party can handle the whole new mortgage on their own.
4.  Talk to a mortgage broker about what a payment would actually look like.  Rates are so low now you might actually be very surprised.

Hope this helps.
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April 02 2009
Profile picture for owner of this house
Well you should get an CMA from a real estate agent, and see what the house would sell for in a reasonably quick span of time.  Minus all the loans and fees that would have to paid if you had to sell and split the profits. Thats what he should get.  If its 121k, and you cant afford to buy him out. Then i think you cant afford to stay in the house and you should sell it, if you cant work something out with your soon to be ex-husband.
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April 02 2009
Profile picture for Big Johnnie
Is $121k 1/2 the remaining equity in the property and if so how was the determined?
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April 02 2009
 
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