- Find a Real Estate Professional
- Alabama Realtors®
- Alabama Mortgage Lenders
- Alabama Home Improvement Pros
- Alabama Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- More
Answers (7)
- Frank Shaw, "Under640FicoScoreLns"
- Contributions:79
Yes, it is important to know if your upside down in equity or if you have actual equity to know what to advise you in an answer...
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Ray,
I think you meant if the house appraises for less than what is owed. If that is the case, you can refinance with a cash-in mortgage with you on the loan. Meaning you will pay the deficiency at settlement. This would work out much easier than buying her out and paying the difference.
Happy funding, Rudi
I think you meant if the house appraises for less than what is owed. If that is the case, you can refinance with a cash-in mortgage with you on the loan. Meaning you will pay the deficiency at settlement. This would work out much easier than buying her out and paying the difference.
Happy funding, Rudi
- Frank Shaw, "Under640FicoScoreLns"
- Contributions:79
This question doesn't make sense. If the house appraises for more than the balances of both the first and second then she can refinance and have one mortgage. If you mean that the house appraises for less than the loans, then the bank isn't going to agree to anything non arms length transaction such as a short sale to you. You need to clarify the question to get a more defined answer. If the house appraises for more than the loans, is she employed or do you need both of your incomes to refinance? If the house value is more than the loans then you can do whatever you want, buy it from her, refinance with you on title. I need to know if you are simply trying to get rid of the second mortgage, then refinance. If in fact the value is more than the balances of both loans, you can do anything.
- Jay Emerson, "JayEmerson"
- Contributions:87
Don't ask a Realtor for legal advice. Hire a Realtor who has a lawyer on their team or hire your own. This is a legal question.
- wetdawgs
- Contributions:26854
What is your goal? If the house appraises for more than the combined loans, what is the concern?
It is not legal for you to buy her out as a short sale.
It is not legal for you to buy her out as a short sale.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Are you getting divorced? If not just refinance with both of you. Talk to a mortgage broker, ok?
- Joe Cafiero, "Joe Cafiero"
- Contributions:3222
Raydebord....Why not just refinance keeping her on the loan. Depending on how much the house appraises over the value of the loans, yes you can combine into one loan.
my wife has our house in her name only (purcahsed and prior to our marriage.)
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.