Mortgage and Divorce - Advice

[wmcodywilson]

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?

[Quips]

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.  

[wmcodywilson]

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@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.  

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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!

[Quips]

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.