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wmcodywilson
Posts: 61
Registered: ‎01-27-2012
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Re: Mortgage and Divorce - Advice

No way. Thats the issue. She only has about 10k in savings and thats in her 401k. Would a short sale be a good idea?


Starting Score: EQ 489 1/2012 TU 493 1/2012
Current Score: EQ 547 5/2012 TU 562 5/2012
Goal Score: 700


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Quips
Posts: 157
Registered: ‎03-05-2012
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Re: Mortgage and Divorce - Advice

Agree - if she can afford the payments now but can't after refi (or can't come up with the $40K)  then she should just continue making the payments herself and keep the house/mortgage in both their names.  Just get it in the divorce agreement that she will make the payments herself and that he relinquishes all rights to the house.  

FICO: EQ 769, TU 762 , EX ???

New Contributor
wmcodywilson
Posts: 61
Registered: ‎01-27-2012
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Re: Mortgage and Divorce - Advice


Quips wrote:

Agree - if she can afford the payments now but can't after refi (or can't come up with the $40K)  then she should just continue making the payments herself and keep the house/mortgage in both their names.  Just get it in the divorce agreement that she will make the payments herself and that he relinquishes all rights to the house.  


I didnt know you could do that. Ill make sure I tell her right now and see what her lawyer can come up with. Thanks!


Starting Score: EQ 489 1/2012 TU 493 1/2012
Current Score: EQ 547 5/2012 TU 562 5/2012
Goal Score: 700


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Regular Contributor
Quips
Posts: 157
Registered: ‎03-05-2012
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Re: Mortgage and Divorce - Advice

The hard part will be getting the Ex to agree since there is always a risk she could default and it would adversely impact his credit - although if he already has bad credit, her making payments will only help him.

FICO: EQ 769, TU 762 , EX ???


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