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I am going to file for divorce, our house is worth 200K we owe approx 120, I would like to buy him

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June 01 2013 - Walnutport
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Answers (6)

Simple refinance in just your name, easy. The new mortgage, note, and deed would be prepared in your name only. Your divorce does not need to be completed prior to the refinance, but you will need to make sure you have a fully executed property settlement agreement, signed, dated by all parties. (who gets what) If there are other assets to be split you might want to avoid taking cash out of your home to pay him off as the interest rate is a little higher for a 'Cash out refinance' and higher loan amount equals a higher payment. That said, you can go up to 85% of your homes Value on a Cash out refinance, but i would recommend staying at or below 80% to avoid paying mortgage insurance. I'm located in Chester County just outside of West Chester, feel free to send me an email or call if you have any questions, I'm happy to help.
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July 30 2013
Upon your divorce decree you will need to refinance the house into your own name.  A cash-out refinance will allow you to "buy-him-out".  Speak with your lawyers and than contact me when you want to complete the refinance.  
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June 02 2013
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work with his attorney.  You will need to finance in your own name to cover both what you owe plus half the equity. 
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June 01 2013
A Quit Claim Deed from him and a cash out refinance is the method you are looking for.
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June 01 2013
Ok, tell your attorney, this much easier to do at the start, rather than after wards. About all a Realtor can tell you is it's much easier, safer, and predictable, to do as part of the divorce decree, and not before or after the divorce.
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June 01 2013
Since you are filing you will be dealing with a lawyer so I suggest talking to him and not us. Good luck
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June 01 2013
 
Related Questions
I am going to file for divorce, our house is worth 200K we owe approx 120, I would like to buy him
Profile picture for Sean Phelan
Latest answer by Sean Phelan
July 30 2013 | 6 answers
  • Asked by user25023637
  • In Refinance
  • June 01 2013
Mortgage Rates
 
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