Upcoming divorce date, financial concerns.

[chuxlaw]

The only problem with that is that it does not appear that there is enough equity in the house, at this time, to make any kind of refinance possible, unless his ex has cash to add at the closing table. Therefore its almost a no win situation. He can force a sale, but he would probably have to take cash to closing, or risk a short sale which would effect his credit.

OP, can your wife realistically afford to pay for the mortgage by herself? Is she responsible with money? If the answer to both of those questions is yes, you might want to agree to allow a few years to pass until she refinances, so that she will actually be able to do so. That would give some time for a little bit of equity to build, even if housing values don't increase.

She was advised by the mediator to try for a "rewrite", which is supposedly different than a refi somehow. I think she can do it, capability-wise. As for being responsible, that's something yet to be determined. I'm former Navy, and she would handle the money while I was out to sea. Well, I had to take it back over after we bounced several checks due to her inattention to matters. I've been the only one handling the finances for over a decade. She's been back in it for maybe three months.

While I'm in here, does anybody have any notions about my other questions?

 

[chuxlaw]

I thought that you could rescind agreements in mediation? If so, then it would be appropriate to say that you'll quit claim deed upon refinancing. And that refinancing needs to take place in (fill in the blank). Otherwise your credit is tied up for many years.

This is my concern. Until my name's off that place, I'm totally stuck as far as getting a non-rented place of my own.
And don't know about rescinding. Agreement's signed at this point anyway. I'm trying to determine if I have an option to have it changed.

 

[LdiJ]

She was advised by the mediator to try for a "rewrite", which is supposedly different than a refi somehow. I think she can do it, capability-wise. As for being responsible, that's something yet to be determined. I'm former Navy, and she would handle the money while I was out to sea. Well, I had to take it back over after we bounced several checks due to her inattention to matters. I've been the only one handling the finances for over a decade. She's been back in it for maybe three months.

While I'm in here, does anybody have any notions about my other questions?

I am not sure that anything but a conventional refi would actually get you off the loan...which is what you want. A re-write might avoid the problem of having no equity, but its worthless to you if it doesn't get you off the loan.

 

[chuxlaw]

So you make it like in the next 5 years. How long is the property mortgaged for? Is there verbiage to the effect that the STBX not damage your credit?

20 yrs remaining on current loan. The agreement states I'm not repsonsible for payments, but Bank of America won't give two...well, two anythings about that. No language at all regarding my credit.

 

[TinkerBelleLuvr]

20 yrs remaining on current loan. The agreement states I'm not repsonsible for payments, but Bank of America won't give two...well, two anythings about that. No language at all regarding my credit.

DO you have an attorney? If not, I would certainly have one to either additional information, or rescind the quit claim. Until that divorce is final, you STILL have time to redo.

 

[chuxlaw]

I am not sure that anything but a conventional refi would actually get you off the loan...which is what you want. A re-write might avoid the problem of having no equity, but its worthless to you if it doesn't get you off the loan.

Dunno. We were told that a rewrite accomplished the same thing, but the requirements were less stringent. Or something. All very confusing.

 

[chuxlaw]

DO you have an attorney? If not, I would certainly have one to either additional information, or rescind the quit claim. Until that divorce is final, you STILL have time to redo.

Well, that's one reason this was mediated; neither one of us can afford an attorney. Plus, no deeds have been quit yet. Both of us are still on the deed

 

[Ohiogal]

The problem is you signed the agreement. If that was sent to the court it may be too late. Who has the original agreement? Where is that? Why would you sign something if you still had questions? Why didn't you at least take it to an attorney for a review? You may be stuck. Why? Because you signed it. Who wrote the agreement? Without seeing the entire thing, no one can say for sure if you can get out of it or not. You need to take it to an attorney.