Mortgage Mess
Don't know the details, but 1st Mortgage $415k, 2nd $60k-ish. Appraisal: $263k
2nd Mortgage Company will not refi, demands payment if title transferred back to my husband (apparently there was some clause they could not act on because last Quitclaim was court-ordered).
1st Mortgage company wants 2% to refi (plus other misc fees), because they do not want to "let anyone off the hook for this loan."
I think that we may offer the Ex to assume responsibility of the house, even if it means paying off the 2nd in exchange for no more alimony.
If you add it up, we have 68 more payments of $7250 in Alimony ($493,000), and Pay-off on the house, which I cannot even rent for enough to cover 1/2 the mortgage is over $475,000. As it is unlikely the value of this house will return to $475,000 in the next 68 months, the house will be a loss.
Hope she is smart enough to take the deal. She is desperate to move away...
Don't know the details, but 1st Mortgage $415k, 2nd $60k-ish. Appraisal: $263k
2nd Mortgage Company will not refi, demands payment if title transferred back to my husband (apparently there was some clause they could not act on because last Quitclaim was court-ordered).
1st Mortgage company wants 2% to refi (plus other misc fees), because they do not want to "let anyone off the hook for this loan."
I think that we may offer the Ex to assume responsibility of the house, even if it means paying off the 2nd in exchange for no more alimony.
If you add it up, we have 68 more payments of $7250 in Alimony ($493,000), and Pay-off on the house, which I cannot even rent for enough to cover 1/2 the mortgage is over $475,000. As it is unlikely the value of this house will return to $475,000 in the next 68 months, the house will be a loss.
Hope she is smart enough to take the deal. She is desperate to move away...