sandflea
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Reged: 09/08/05
Posts: 447
Loc: norfolk, Virginia
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Re: husband to buy me out of house with equity lin
11/08/05 07:12 AM
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My situation:
My wife wanted ~ $60,000 to buy her off the deed. Your husband is in a similar situation. He will want you to sign a quit claim deed - basically, a document taking your name off of the deed. You should put those terms in your separation agreement.
I refinanced our house (we owed $139,000 over 15 years). Re-appraisal (as a part of the refinance/loan process) came in at $300,000. I took ~ $80K, gave her $60K, kept $20 to fix up the house. This was a "cash out" refinance. So, now I owe $225K over 30 yrs. A step back, but a step forward as well.
What he can get you depends on how long you've been in your loan, how much you owe, and how much your equity has been going up. If you have any existing equity lines of credit, you'll need to settle them prior to refinancing. All liens need to be taken care of first.
You really want your name off the deed - because if he defaults - it's your credit, and your financial responsibility as well.
- SF
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