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My situation

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Money Talk > Real Estate

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spcalan1
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Cash: $ 1.80

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My situation  Reply with quote  

I bought a house with my ex-wife in 2005.
Small 3bed/1 bath for 108k.

4 years later - divorced. I got the house ( and mortgage ).

Now =
Still owe 95k ( mortgage is 900/month ) and my dad who is recently retired is living there and pays 500/month.
Honestly, if is he wasn't in it, I would have walked. Imagine the money i could save!

I was supposed to get it refinanced ( per the divorce ) in 2008, but since the house is only worth 65k, no one will refinance.

What do you think I should do ?
The only thing good is that I know my dad is taken care of, but how much can I take ?
Post Sun Sep 30, 2012 10:07 pm
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coaster
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Try your refi with a credit union. I refied this past year with a $60K balance.

Of course, this is assuming your credit score isn't a problem....

~Tim~
Post Mon Oct 01, 2012 3:42 am
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Wino
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Location: Dubai
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You need to decide if your budget can actually handle this charity to your father better than his budget can handle it. I realize you love him and want to help him, but you are first responsible for your wife and children, and afterwards for him and others.

You may need to have it re-appraised, as well. Is it truly worth only $65K? I don't think you can afford to pay the $30K difference at this time. Lastly, do you think it will recover its value ($108K) in time?

There are government programs for people who are upside down. I think you might want to do some web searches to see what's out there. This is not my area.
Post Mon Oct 01, 2012 5:57 am
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eastmn
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Mort holder might let you refi as a short sale, write off the difference. Might talk to a lawyer about it, to try and force it (legally). Also keep in mind that forgiven balances are taxable 1099 income unless it's clearly disputed.

...
Post Mon Oct 01, 2012 6:42 am
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