What is the monthly mortgage payment? $1100 - $1200? Then say she has $600 a month between the credit card debt and car note. With the recent changes in the financial landscape, it might be a while before she is able to get financing in her name only (if she even desires to).
Good point. This has to be one of the most messed up personal situations I've read about in a while. People do the craziest things when they get divorced. A friend of mine signed away his house to his ex during his divorce, and he had paid for it entirely with his own money before they were married. Go figure. And there were no children involved, thank goodness.
Only advice I have, which has probably been said already. Stay in good terms with her, make sure she's current on the payments. Tell her to work on her credit, and than refinance once it's better. She might be lying about not being able to refi. Does she have a lot of debt??
There is some speculation in the following.............. When they were getting the mortgage in Spring '06, there was more leniency in terms of initial down payment (upfront equity), other debt obligations etc than is currently in place. If they were able to get into the home under very favorable terms, there is probably a minimal amount of equity to be taken into consideration for a refinance situation. With only one income to consider and other debt obligation (car note and credit card debt), a new mortgage application would be under much scrutiny by a potential lender. Even if she is given an OK for a refinance, not sure if the new monthly payment would be at the same level as the current payment.
Isn't there a way where he could become the lein holder on the house, basically she would be renting from him? DD
sell all of your stuff. quit your job. take all the money and move out of the country. and after that, leave a message on her phone, "screw you, what you gon do now? b****!" jokes aside, sorry dude.
It really isn't so bad as all that. She doesn't have an interest in defaulting on the mortgage because it would hurt her credit and she would lose the house she is living in. And, she is paying the entirety of the mortgage. Having your name on the mortgage is helping your credit score as long as the current situation holds up. Obviously, you are at some risk if she can't keep up the payments, but barring that, the situation is helping you somewhat. Of course, having your name on the deed would have been better. And getting a lawyer in the first place would have been a good idea. And, it's been mentioned but the mortgage market is really ****ed up right now, and it was very favorable when you had got into the house. I'm not surprised she can't manage to refinance right now. If you embitter the relationship too much, she may continue to refuse to refinance just to take revenge on you. If you make the relationship amicable, she may try to refinance again when the environment improves and/or she has more equity in the house. Btw, is the loan a fixed rate or an adjustable rate? If it is adjustable, she may want to try harder on the refinance for her own good.
its fixed rate it is split into 80/20 loans payment is like 1080 a month probably biggest thing is i was wanting to build a house in a year or so and really cant do that till then i really dont think she is trying to screw me she is just bein stubborn bout selling it
What you failed to mention though is that as long as he is on that mortgage, his ratios are screwed up if he wants to get lending himself. IMHO, it is a pretty screwed up situation. Other than "doing the right thing" and having to endure his badgering, she has no motivation to refi. Her own risk is lowered by having him on the mortgage because if she gets in a bind, she can always come to him and say, "I can't make this month's payment.........can you help? If not, we both go down...." I agree on one thing though.........the only peace of mind he can take from this situation is that she has no motivation to default---it screws up her credit and overall situation if she does. Best bet is to try and be friends with her.......as much as you can. Because at the end of the day, she sort of has you over a barrel.
I'm not looking to rub salt in your wounds, but I would like to stress something to help you avoid situations like this again... realize that you're not in this situation because you're "getting screwed over by a ex". you dug your own hole.
i disagree she could sell the house keep the money and buy something that is more in her price range when we bought it we added probably 10k in upgrades paid with cash so she could make a decent profit off the house its in the most desirable location in baytown.. has a brand new school in the neighborhood and a new highschool and junior high being built down the street
Any guy here could be in the same boat as me...... no one is immune from the crazy bi*tch syndrome........ Joke for yall.... If you dog is at the back door barking wanting in and your wife is at the front door griping to get in which do u let in first.........the dog at least itll shut up once u let it in...
At 30 years, 10% fixed, $115k principal, it would be about $1,000. If she had decent credit, she could get that rate down considerably. Paying off the note doesn't seem to be the problem. Even with the recent credit crunch, it should be refinanceable. What it likely is not, is refinanceable on the same terms. She will end up paying more in fees, interest, etc., so she shouldn't be incentivized to re-finance. From what everyone else is saying, sounds like your best bet is to just make sure she keeps making payments and the value of the property doesn't implode for some reason.
My first guess is that their current rate is definitely under 10% and probably around $700 each month is for principal and interest. My next guess is that they have the insurance and property taxes as part of the monthly payment and that is how I came up with the $1100 - $1200 range. So, she would be taking on various fees for a refinance to get a loan entirely in her name. Just not a tremendous incentive for her to do it. About the best idea that I have at the moment is to check again on the refinance issue and see if taking on the extra fees is the key obstacle. If so, he might consider if it is worth it to cover them so he can close this thing out and move on.
