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Refinancing during divorce

My husband and I have 2 mortgages on our house; one for $206,000 and one for $83,000 - total $289,000. The house is valued at approx. $300,000. We are getting a divorce. If one of us decides to keep it; will either he or I be able to refinance the whole amount, being that we owe nearly the same amount as the appraised value? We both have good credit and are employed.
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November 24 2009 - Waconia
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Depending on your credit and income, you should be able to refinance with an FHA or Federal Housing Administration loan. If the divorce is not finalized, both parties would have to sign at closing. Once your Divorce Decree is recorded, only the homeowner would have to sign. Hope this helps!

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November 24 2009
Yes you will likely need to use an FHA loan to refinance the two mortgages into one. Call Sherry over to the right of this page---------->
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November 24 2009
 
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