My husband and I bought a townhome in North Potomac, Maryland 10 months ago for $300,000.00/ 100%financing and no money down. Our monthly mortgage is $2719. We are current in our payments. We have agreed to separate.
We also agreed to sell the house.
However, I am interested in buying him out. Can we agree to refinance and place the new loan in my name only? What portion would be owed to him?
2007-09-30 14:08:20 · 4 answers · asked by joanne n 1 in Business & Finance ➔ Renting & Real Estate
This is what you do to make things fair:
BOTH of you get your own independent appraiser and get two appraisals.
Meet in the middle of the sales price based off the two appraisals. That makes it fair to both of you.
If he is going to sign for you to refinance in your name only, he is entitled to 50% of the EQUITY paid to him in cash, if you buy him out.
That is usually what most judges order during divorces.
2007-09-30 14:31:39 · answer #1 · answered by Expert8675309 7 · 0⤊ 0⤋
I bet het would let you walk away with it.. lesser a car or somthing like that.. with only 10 mouths off the loan your still havent gotten down into the presable.. if you were going to pay him somtihng i would offer no more than 1395 which you could do as a right off on your allowmoney
2007-09-30 14:13:42 · answer #2 · answered by Mike 2 · 1⤊ 0⤋
Only way to tell is to see what it would sell for .
If it would sell for more than $300K , then you would split the overage .
Perhaps the appraiser for the refi , could set the amount .
Given the huge price decline in many markets ,
We have no way of knowing what Your property situation is .
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2007-09-30 14:22:32 · answer #3 · answered by kate 7 · 0⤊ 1⤋
See a lawyer to do it right, otherwise you can ruin both your credits. How do you plan to make the payments by yourself?
2007-09-30 14:11:52 · answer #4 · answered by barb j 4 · 0⤊ 1⤋