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How do you determine the equity in your home?

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leti_thom Joined: 24 Aug 2009 Posts: 2 1.36 Dollars($)	Posted: Tue Oct 13, 2009 6:15 am    Post subject: How do you determine the equity in your home? Like 0 Dislike 0 After divorce, exhusband, who was awarded the home was to split the equity in the home with me. I need to know what that amount will be. Home was purchased for 63,000. There is about 40,000 left on the loan. County appraisal district has appraised the house at 120,000.
JKennedySLG Community Expert Joined: 01 Apr 2009 Posts: 408 Location: New Jersey/New York 20.05 Dollars($)	Posted: Tue Oct 13, 2009 8:50 am    Post subject: Like 0 Dislike 0 Your best bet would be to have an appraisal ordered. If your ex-husbands plans are to refinance the property to give you your equity, then an appraisal will be needed anyway. I hope this helps... _________________ James Kennedy New York/New Jersey (732)979-7409 Hard Money & Stated Income Loans First Time Home Buyers (540+ Credit)
Leti Guest	Posted: Tue Oct 13, 2009 10:35 am    Post subject: equity Like 0 Dislike 0 So after appraisal is done, would the equity be the balance of the remaining loan subtracted from the appraised value?
adonis Joined: 22 Oct 2005 Posts: 10256 Location: ALASKA 1044.49 Dollars($)	Posted: Tue Oct 13, 2009 10:03 pm    Post subject: Like 0 Dislike 0 Hi Leti, The equity in the property could be calculated by subtracting the loan amount from the appraised value of the property. _________________ Procrastination is the enemy of your financial success

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