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#1
06-24-2009, 10:06 PM
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HELOC Refi questionWhat is the name of your state (only U.S. law)? Florida Okay, ex husband and I got a HELOC loan for 20,000 for credit card debt. We divorced last year and since then I have been paying 80.00 dollars a month to him and he pays the rest. I want to sell my home, for many reasons, but a big reason is because his name is still on the loans. With the second loan and all the fees that go along with selling a house I'm looking at a short sale. Since my ex and I have an agreement that I'm only responsible for a 1/3 of the loan, will a bank let the primary party (my ex) refinance the remainder of the loan before the house sales? I would pay the bank my share before the refi. I really want to avoid a short sale as much as possible and everything would be gold if it wasn't in the picture! Hindsight is so 50/50!  I really thank anyone who answers this! |
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#2
06-25-2009, 07:24 AM
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| Refinancing a HELOC just replaces that HELOC with a new loan. The lender will want their loan paid off at closing, especially seeing that you and he paid off other, unsecured creditors with their loan I think what you want is to transfer part of the debt so that it is no longer collateralized to THIS property. Does he solely own a different property with enough equity to place a HELOC and use those funds to pay off, or pay down (and lock up) this HELOC? And would he be willing to encumber that other property?
__________________ Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"! Last edited by nextwife; 06-25-2009 at 07:27 AM. |
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#3
06-25-2009, 08:30 AM
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| No, he does not own another property. I have asked him if he would be willing to refi both loans into his name and keep the house but he's not 100% sure his new GF will want the house. He wants me to try to sell the house FIRST but with talking to the realtor it would be impossible to sell w/o doing a short sale. I'm willing to come up with the extra cash at closing but I doubt he'll be able to and i'm not going to give up my cash if we have to go through a short sale anyway. I guess what I need to do is go over to the local bank where we have the second loan and discuss some options. Thank you for your input! |
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#4
06-25-2009, 08:37 AM
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| Who was awarded the house in the divorce? Who is in title?
__________________ Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"! |
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