Profile picture for ZOHE

I would like to buy my husband out of our mortgage. What do I need to consider?

We will be seeking a divorce.  There is a second mortgage (home equity) that he will be covering.  Should I be looking to refinance or do I get a new mortgage?
  • June 14 2010 - Town of Hamburg
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

You would in fact refinance your home and have your soon to be ex removed from title.  In order to close he would need to be prepared to payoff the 2ndlien/loan on property (if that is what you have agreed upon).
  • September 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you're going through a divorce it is wise to get the property appraised to establish the fair buyout value or it will become a sticking point going forward. Been there myself, make sure everything is done with mutual agreement in writing. Agree on an appraiser together and both sign off.
  • June 26 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Ideally, the amount of the buyout will exceed the amount of the home equity loan, and then he would agree to allow you to pay off that loan in the buyout.   You will not be able to keep that second position loan separate if you intend to increase the balance on your primary loan (via buyout).   There is no reason for the 2nd lien holder to agree to that situation as it worsens their position considerably with no benefit to them.
  • June 14 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.