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sell or refinance ?? help

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crystal_bedard Joined: 23 Jun 2011 Posts: 4 1.88 Dollars($)	Posted: Thu Jun 23, 2011 2:11 pm    Post subject: sell or refinance ?? help Like 0 Dislike 0 what is the best decision? My ex wife and i have been divorced for 3 years. she signed off the right to the house but if i sell it before 5 years she gets hlaf the profits. after the 5 years it is all mine. i am now engaged and my finance and i are ready to buy a new house. should we refinance this one in our names first and then sell? Or sell it and just buy a new one? there is a 35,000. dollar profit in the air.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu Jun 23, 2011 2:29 pm    Post subject: Like 0 Dislike 0 It depends. Is an extra 17,500 really worth the trouble of holding the X off and playing around to avoid paying? Or is the new life with your new fiancee justify just letting go. This is a personal question you have here. One for you and your new fiancee to agree on...Good Luck! _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
crystal_bedard Joined: 23 Jun 2011 Posts: 4 1.88 Dollars($)	Posted: Thu Jun 23, 2011 2:32 pm    Post subject: ok.. Like 0 Dislike 0 should we refinance this house in our names and then sell it?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu Jun 23, 2011 2:38 pm    Post subject: Like 0 Dislike 0 If you are not interested in keeping the house, just sell it, cash out the X and use the rest of the 17k to put down on your new home. You can do 20% down conventional loan without mortgage insurance, or only put 3.5% down on FHA loans, but they require mortgage insurance. Also, if you still have the home in husbands name, and you keep this home, and want to purchase another, you would have to qualify based on both the mortgage payments. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
crystal_bedard Joined: 23 Jun 2011 Posts: 4 1.88 Dollars($)	Posted: Thu Jun 23, 2011 2:43 pm    Post subject: ok...1 more thing Like 0 Dislike 0 we only have a year and a half left before the 5 years is up. it will probably take that long to sell it anyways! Thank you for your responses! Do you own a mortgage company?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu Jun 23, 2011 2:47 pm    Post subject: Like 0 Dislike 0 I am not the owner, but I work for a well established Direct Lender based in California. Helping you folks, helps me contact more potential clients. Its a win win, since consumers can ask mortgage professionals specific questions, without fear of saying the wrong thing or jeapordize their loan application. You might be right on the time to sell your home, depending on the area...If you have any questions in the future, all my contact info is on this page. Good luck and sorry for the situation, seems there is no easy answer anymore... _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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