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
11/09/05 08:58 AM
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That's right. He need to do a cash out Refinance ON HIS OWN! Just his credit, just his name on the loan. This has to be a new loan, just his, to buy you out. Otherwise he's just dumping more debt on both of you.
I contacted a lender (USAA), had them send me a packet (they're more than willing to) - just to me. My name, my SSN, my credit, etc. They'll schedule the appraisal, etc.
I had a great deal of success with Freedom morgage (fhmc.com). Their appraisers seem to come in high. He needs to get enough cash to pay off other loans (they'll ask him), and to buy you off the deed. Yes - be fair. How much has your place accrued equity over the life of your existing loan? How much do you still owe? Did you contribute equally to the morgage (weighted for your respective incomes)? Show him SOLID numbers, and he'll bite. Sooner the better, interest rates are going UP!
- SF 
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