Posted on: 05th Aug, 2011 08:57 pm
any solution for our need? spouse and i have a home equity loan on home i owned prior to our marriage. my disabled adult child lives in home and i only stay overnight on weekends. the rest of time i reside in home my husband owned prior to our marriage. spouse's property is currently lien-free and he has at least $250k equity and needs to repurchase withdrawn service in order to retire from his employment. my home has loan balance of $150k and probably is only going to appraise out around $175-180 (market has declined but i also think bank originally appraised too high...never came to look at home...not sure how they came up with their appraisal..tax appraisal was much lower at the time of loan). both homes are in texas and we are residents here. spouse also owns a lot without liens and would appraise at $80k easily. can he sell lot to me since it is his separate property? or can i add my adult child who is not disabled to my deed- guess that wouldn't really help since the loan would still be in spouse and my name?
hi guest,
unless someone else refinances the mortgage in his/her name, the loan will remain in your name and your spouse's name. if your spouse wishes, then he can sell off any of his property to you. there won't be any problem in it. if you have the required income and credit score, you will be able to refinance the mortgage in your name.
unless someone else refinances the mortgage in his/her name, the loan will remain in your name and your spouse's name. if your spouse wishes, then he can sell off any of his property to you. there won't be any problem in it. if you have the required income and credit score, you will be able to refinance the mortgage in your name.