Hello,
I'm going through the process of a divorce. The court date is scheduled for a month from now and I'm working on getting ready financially to assume the mortgage on my own. From what I understand I have two options; refinance or request a release of liability. Here are the stats:
Mortgage amount $99,200.
Amount he wants to walk away $55,000. I'm borrowing this from a family member.
Estimated value of house $225,000. An appraisor has not verified this amount but I'm basing it on comparible sales in the neighborhood.
I make about $45,000. My debt is student loans with a monthly payment of $248 a month. Everything else will be paid off by the time I try to qualify. I currently owe about $1850 to Capital One and Best Buy, and I've been putting every extra dollar into getting rid of this debt.
My soon to be ex and I settled for less than the full amount on an ELOC through BofA. This took place last November and is hitting my credit hard. The amount due was around $70,000 and we settled for $14,000.
I have a collection account for a $100 medical bill. It's listed as paid, but still shows up as a negative.
There are two accounts showing as past due. 30 days for the current mortgate that my ex has been paying since he's the one who has been living in the house (March 2014), and a Macy's credit card (May 2013).
My credit scores are TU 702 EQ 694 EXP 673.
What is this process like through Citi and what are the chances this will be approved? I'm very concerned due to the B of A settlement. I understand this hits just as hard as a foreclosure.
Thank you. 
@Anonymous wrote:Hello,
I'm going through the process of a divorce. The court date is scheduled for a month from now and I'm working on getting ready financially to assume the mortgage on my own. From what I understand I have two options; refinance or request a release of liability. Here are the stats:
Mortgage amount $99,200.
Amount he wants to walk away $55,000. I'm borrowing this from a family member.
Estimated value of house $225,000. An appraisor has not verified this amount but I'm basing it on comparible sales in the neighborhood.
I make about $45,000. My debt is student loans with a monthly payment of $248 a month. Everything else will be paid off by the time I try to qualify. I currently owe about $1850 to Capital One and Best Buy, and I've been putting every extra dollar into getting rid of this debt.
My soon to be ex and I settled for less than the full amount on an ELOC through BofA. This took place last November and is hitting my credit hard. The amount due was around $70,000 and we settled for $14,000.
I have a collection account for a $100 medical bill. It's listed as paid, but still shows up as a negative.
There are two accounts showing as past due. 30 days for the current mortgate that my ex has been paying since he's the one who has been living in the house (March 2014), and a Macy's credit card (May 2013).
My credit scores are TU 702 EQ 694 EXP 673.
What is this process like through Citi and what are the chances this will be approved? I'm very concerned due to the B of A settlement. I understand this hits just as hard as a foreclosure.
Thank you.
Which process? Refinance or Request a release of liability? It looks (from just what you posted here) that you have quite a bit of equity in the house, are you considering the Request for Release of liability?
@Anonymous wrote:Hello,
I'm going through the process of a divorce. The court date is scheduled for a month from now and I'm working on getting ready financially to assume the mortgage on my own. From what I understand I have two options; refinance or request a release of liability. Here are the stats:
Mortgage amount $99,200.
Amount he wants to walk away $55,000. I'm borrowing this from a family member.
Estimated value of house $225,000. An appraisor has not verified this amount but I'm basing it on comparible sales in the neighborhood.
I make about $45,000. My debt is student loans with a monthly payment of $248 a month. Everything else will be paid off by the time I try to qualify. I currently owe about $1850 to Capital One and Best Buy, and I've been putting every extra dollar into getting rid of this debt.
My soon to be ex and I settled for less than the full amount on an ELOC through BofA. This took place last November and is hitting my credit hard. The amount due was around $70,000 and we settled for $14,000.
I have a collection account for a $100 medical bill. It's listed as paid, but still shows up as a negative.
There are two accounts showing as past due. 30 days for the current mortgate that my ex has been paying since he's the one who has been living in the house (March 2014), and a Macy's credit card (May 2013).
My credit scores are TU 702 EQ 694 EXP 673.
What is this process like through Citi and what are the chances this will be approved? I'm very concerned due to the B of A settlement. I understand this hits just as hard as a foreclosure.
Thank you.
I dont have any experience with this, except for the loan CO.
If I understand the situation, you want to apply with CitiMortgage to have the mortgage set up with just you and not your Ex husband.
The amount is 99,200 - you didnt state the length of time remaining, the interest rate, or the payments, including insurance nad property taxes..
If you make about 45k a year, you would need to have the DTI to support the loan payments.
As far as the CO, if it is settled, then it should show closed and a balance of 0. The damage to your CRs has been done and you just have to wait it out until it rolls off, in about 7 years from the DoFD. Larger banks like B of A dont often do GW deletes, but its your only chance.
I think your scores are Ok and you should work on getting rid of the 'minor' baddies.
Without the numbers for the amount of your mortgage payments, its hard to answer this better.
I am thinking you have a decent chance, but its going to be tight for a year or so.
GL - I am hoping the best for you.