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 mottura1
Joined: 29 Oct 2009
Posts: 1
1.40 Dollars($)
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 Posted: Thu Oct 29, 2009 10:05 am Post subject: Husband Wife Equity Battle...Help! |
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Hi. My situation is this........
My Wife and I are both on the deed of the house (1000,000 approx. value), about 30,000 is still owed, leaving about 70,0000 equity.
I would like to borrow against the house to consolidate, etc., and she is refusing.
So, my question is: Is there any way, other than a divorce, that I can obtain permission to borrow against the house if she refuses to sign anything.
Thanks! |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Thu Oct 29, 2009 12:52 pm Post subject: Refinance |
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I am not aware of any first or second mortgage borrowing that you can do without her signature.
She is an owner.
Divorce may not be the answer either, unless you would not have to buy her out. If you have to buy her out, there probably is not enough equity left to borrow against--there will be equity, but, mortgages these do not lend cash out so easily over 80% of the value of a property. A few short years ago, they may have, but, not now.
_________________
John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Fri Oct 30, 2009 2:25 pm Post subject: |
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yeah but john, a buyout would seem to be only $35000, which brings us to $65000, which works out to 65% ltv...that would work...of course all those zeroes in the original post may have clouded your vision...it almost did me in!
it's a potential "solution" to this issue, but i agree with you as well that divorcing doesn't seem to be much of a solution. maybe a marriage counselor would be in order.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Fri Oct 30, 2009 2:39 pm Post subject: Refinance |
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George, you are correct. I was a little hasty.
If closing costs about $5,000 could be enough equity for about $15,000 cash out with an FHA mortgage up to 85% of value.
The $15,000 might be available to consolidate debts---less whatever the divorce attorneys might cost.
_________________
John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Fri Oct 30, 2009 7:29 pm Post subject: |
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still...counselor is going to be cheaper than 2 attorneys...and might even be covered by insurance!
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George M. Akerley
Loan Consultant
860-221-5044 |
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swarghade
Joined: 01 Nov 2009
Posts: 7
2.07 Dollars($)
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| Posted: Tue Nov 03, 2009 6:36 am Post subject: |
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| still...counselor is going to be cheaper than 2 attorneys...and might even be covered by insurance! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Tue Nov 03, 2009 1:13 pm Post subject: |
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parrots are annoying; even more so when they simply cut and paste what has been said before.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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