| icwal |
| (enthusiast) |
| 11/25/07 03:17 PM |
refinancing
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Just thought I would get an idea of how many refinanced when they got a divorce and was it alot harder to qualify. We have a medium credit score, all of it from 3 years, since then every thing has been current. I can afford to pay all the bills with my take home, and the child support/alimonmy being extra. Anyone have an input on my chances of assuming the mortgate or refinancing, since the market is so horrible right now.
Thanks
| Goodmom |
| (Pooh-Bah) |
| 11/25/07 06:08 PM |
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Re: refinancing
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[quote]Just thought I would get an idea of how many refinanced when they got a divorce and was it alot harder to qualify. We have a medium credit score, all of it from 3 years, since then every thing has been current. I can afford to pay all the bills with my take home, and the child support/alimonmy being extra. Anyone have an input on my chances of assuming the mortgate or refinancing, since the market is so horrible right now.
Thanks [/quote]
Well, with the market being so horrible right now, you will probably fare better in buying him out of his equity as it won't be as high as it is in a booming market.
One of the problems that I can foresee is if your house is upside down. Which means that you owe more than the house is worth.
I was able to refinance within a year of getting divorced. My credit rating is good, I make a decent amount of money. But I wouldn't have been able to do it without listing the child support as income.
How long you get to refinance depends on what agreement you come to or what the judge orders. Some have it in there that it is done within 3 years of the divorce (this would probably give you a chance to wait until the market is better), some shorter, some longer. MIne was indefinite. In fact, I didn't have to refinance and get his name off of the mortgage at all. I doubt you will get that.
| icwal |
| (enthusiast) |
| 11/25/07 10:17 PM |
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Re: refinancing
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Actually we have about 55,000 equity in the house. I do not forsee having to owe him much if any because of his business and his expensive car and his dept (His only) that is attached to our mortgage, etc... I was hoping to wait for 1 1/2 to refinance when my daughter graduated High School, that way if I can't refinance I can move. Thanks for your help. Does the judge decide that or does my husband, because I am going after him for misconduct on his part, which I will not mention here, so I have a feeling things are going to get messy. Thanks for your help
| Goodmom |
| (Pooh-Bah) |
| 11/26/07 05:39 AM |
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Re: refinancing
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[quote]Actually we have about 55,000 equity in the house. I do not forsee having to owe him much if any because of his business and his expensive car and his dept (His only) that is attached to our mortgage, etc... I was hoping to wait for 1 1/2 to refinance when my daughter graduated High School, that way if I can't refinance I can move. Thanks for your help. Does the judge decide that or does my husband, because I am going after him for misconduct on his part, which I will not mention here, so I have a feeling things are going to get messy. Thanks for your help [/quote]
Well, if you and your stbx aren't getting along, it will probably be the judge who decides when the refinance takes place.
BTW, with the depressed real estate market, it may take you a long time to sell the house anyway. So if you are unable to refinance, you may not have to worry about moving until after high school graduation.
| Cinder2 |
| (Carpal \'Tunnel) |
| 11/26/07 01:59 PM |
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Re: refinancing
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I refinanced when I divorced and of course it is harder to qualify with half the income. Most people live much closer to their income edge that we did. So when I had to pay the bills alone I still was able to do it. A good rule of thumb is that they won't lend you an amount where the monthly payment is over 1/3 your gross pay.
Cinder
| icwal |
| (enthusiast) |
| 11/26/07 04:59 PM |
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Re: refinancing
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Can your gross pay include alimony/child support?
Thanks
| prad |
| (recently joined) |
| 12/17/07 03:20 PM |
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Re: refinancing
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I was able to secure a loan with current mortgage co to buy out my husband - there is a special loan in Texas called an owelty loan for divorcing couples. They tell me refinance interest rates are higher than 1st mortgages. I don't want to sell right now, either with the market the way it is & HE wanted his money now.