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Jointly owned home, he wants off of the loan and wants money too!

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K

kdsams

Guest
What is the name of your state? Arkansas

I was divorced in early 2000. According to our divorce papers, I get to live in the house with our children. The decree also states that, upon the youngest marital child's graduation, I am to sell the house at an amount agreed upon by myslef & my ex. However, he is wanting his name off of the loan now.He has asked me to refinance without his name. I am fine with this. I begin the dreaded steps of refiancing only to get an email from him that he wants me to pay him 50% of the equity that is on the house. (We owe $92,000, if the appraisal comes in at $102,000 then he wants me to give him $5,000). Now, I am not selling the house, nor am I making any money off it. I am simply refinancing the $92,000 left on our original loan. So, technically, there is no equity. My question... Can he make me pay him the 50% of the difference between the pay off & the appraised value? Or do the papers indicate that he is not to get any equity until the house is actually sold?

Thanks!
Kelly
 


kat1963

Senior Member
Nothing can change a court order but a court order. If you decide to do this you will need to consult with a lawyer to modify the original agreement. I'd do it, refinance, take enough out to buy him out (consider attorney fees & the cost to refinance too!). Interest rates are really low right now, you wouldn't have to worry about moving/selling in the future either. Equity will be all yours and this releases him so that he can purchase a home too.
KAT
 

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