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mottura1 · Joined: 29 Oct 2009 Posts: 1 1.40 Dollars($)

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!

jveenstra · Posted: Thu Oct 29, 2009 12:52 pm Post subject: Refinance

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.

gmakerley · Posted: Fri Oct 30, 2009 2:25 pm Post subject:

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.

jveenstra · Posted: Fri Oct 30, 2009 2:39 pm Post subject: Refinance

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.

gmakerley · Posted: Fri Oct 30, 2009 7:29 pm Post subject:

still...counselor is going to be cheaper than 2 attorneys...and might even be covered by insurance!

swarghade · Joined: 01 Nov 2009 Posts: 7 2.07 Dollars($)

still...counselor is going to be cheaper than 2 attorneys...and might even be covered by insurance!

gmakerley · Posted: Tue Nov 03, 2009 1:13 pm Post subject:

parrots are annoying; even more so when they simply cut and paste what has been said before.

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Husband Wife Equity Battle...Help!