How To Refinance

Question: How to refinance home and get ex's equity?

(Posted by: Prego on 2009-05-12 22:21:58)

Divorced, got a court order to refinance and pay the ex 50 percent of the equity. Bank will only finance 85 percent of the Original loan, and don't require appraisal. Mortgage owed 104, 000, bought for 111, 000. Bank will refinance amount owed plus all closing but no more. Cant cash out VA loan. How do I get his supposed equity? County assessor says its worth 125, 000. What do I do?

Posted by: Jim M on 2009-05-12, 22:39:49

You are going to have to go to a different bank. Try four banks and also LendingTree.com. Sounds like you need a home equity line for $10,500 [ ($125K - $104K)/ 2 ]. But that puts you at Loan to Value ratio of 91%. I don't know what you mean by cashing out a VA loan. Sounds like the court is trying to screw you. Since in this climate it is obvious you will have to pay an outrageously high interest rate and PMI to refinance. But, if you wrote it accurately, they said you have to 1) refinance 2) pay the ex 50% of equity ($10,500). You don't have to use the proceeds of refinancing to pay him - you could use other money. I am assuming you don't have the $10,500 on hand or you could comply with the order (refinance and just pay him.) You are going to have to refinance and then get a personal loan for the balance. You might talk to the VA about releasing him from the mortgage. If they will, you might be able to pay him the money over 5 years if you offer 12% interest. Or does he need the money now?

Posted by: beautiful on 2009-05-12, 22:28:59

Win the lottery or get a super-high-paying job & FORGET ABOUT THE EX ENTIRELY. (i am in a much worse situation, believe me)

Posted by: LK96843 on 2009-05-12, 22:30:18

Well, you owe her $7,000 if my math is correct. You could get a 2nd mortgage (its sometimes called Home Equity mortgage) based on the appraisal price. I guess I'd go that route before anything else as the rates are cheaper and you get 10 years or so to pay back. Good Luck!

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