Refinancing while in waiting for Divorce

D0cH0lidey · 2020-12-04T01:46:40+00:00

Wait. This will be her problem to figure out if she wants the house.

hotantipasta · 2020-12-04T13:32:30+00:00

If she wants the house then she is going to have to refinance into her name. DO NOT refinance it for her or cosign because you will end up in a pickle if she defaults or can't afford the payments. Divorce is a separation of everything that you two used to have, including finances. I had a friend refinance a house for his ex and she ended up making late payments for a couple of years before he had to take her back to court to force a sale of the home.

If she wants the house she needs to qualify for it in her name or you two need to sell it and split the proceeds. If a bank won't approve her for financing then you shouldn't either.

sr20rocket · 2020-12-04T02:08:12+00:00

If the mortgage in your name alone, the hard part is done. At this point you only need a quit claim deed to remover from the title. Theoretically this could be part of the divorce paperwork. Would be a good idea to ask your lawyer.

SzDiverge · 2020-12-04T14:19:00+00:00

If you can finance with ZERO costs and the difference in payment is big, then it may be worth it for you to re-finance. If there are costs involved with refinancing, you need to do the math to determine when you'll recover those costs and get ahead - usually it's several years after the refinance.

However, if she wants the house and doesn't have the credit score or income, then you're going to end up selling the house - DO NOT let her stay in the house while you are on the title and mortgage. This is a good way to have her destroy your credit if she defaults and it'll also limit your ability to buy another home.

jpgtsi · 2020-12-04T14:52:39+00:00

Do it and have her remove her name from the deed. If not do nothing.

SpacemanLost · 2020-12-04T21:14:31+00:00

She wants the house. I want to move out. But she doesn't have the credit score / income to move the mortgage to her name

You got a problem here. You need to light a fire under you ass and have your attorney help you map your way out.

Your STBX has an interest in the house and any gains from it, but zero obligation to pay for it. She's in a position to screw you over, and based on your other post she's willing to play dirty.

Here's the thing - the judge can aware her the house in it's entirety and tell her she has to refinance it into her name... and she can safely ignore that and leave you on the hook. A divorce decree will not modify or override any contracts with third parties that you have entered into. and yet.. you can be held in contempt of court for not signing a quit claim deed giving up all your interest in the house, while still be stuck with the mortgage.

As for a refinancing, ever with zero out of pocket, you would want the recoup to be before you sell it, and usually the recoup time is a few years. (sparing you the discussion; tl;dr the fees are rolled into the new load, and the recoup is how long the payment savings have to add up to exceed the fee amounts)

If at all possible the house needs to go up for sale right now, and the proceeds split. Note that your STBX can block the sale by refusing to sign the paperwork, etc. You may be able to find a way to convince her that it's in her best interest because the house will go away no matter what, and that is the only way she's going to get share of the money. That'll likely require some salesmanship. Check with your attorney on how to handle this (you have a good, experienced one, right?) Do not bother looking for a way for her to assume the mortgage, etc - no lender would approve her - not going to happen.

And yes, men are at a disadvantage with the claims in your other post. See: http://www.realworlddivorce.com/DomesticViolence and prepare for the worst.

Title	Refinancing while in waiting for Divorce
Author	storm-certain
Upvotes	6
Comments	6
Date	December 4, 2020 12:22 AM UTC (5 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/k69y6n/refinancing_while_in_waiting_for_divorce/
Archive Link	https://theredarchive.com/r/Divorce_Men/refinancing-while-in-waiting-for-divorce.1193426 https://theredarchive.com/post/1193426

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