Posted on: 28th May, 2008 03:50 pm
Quick rundown is. My girlfriend who I am now living with was given the house in her recent divorce. Her and her husband already have a mortgage out on the home which is only in his name. He was asked to carry this mortgage until she could pay it off as long as she kept it in good standing.
So my question is...We are currently in some minor financial issues and was wondering if it would be possible for her to take out a mortgage on the home to pay his mortgage off and have a little cash float over for us to use to catch up on bills? The Deed has both of their names on it, but the current mortgage is only in his name. Thanks ahead of time.
Broke in Indiana
So my question is...We are currently in some minor financial issues and was wondering if it would be possible for her to take out a mortgage on the home to pay his mortgage off and have a little cash float over for us to use to catch up on bills? The Deed has both of their names on it, but the current mortgage is only in his name. Thanks ahead of time.
Broke in Indiana
I don't think in this case a co-signer won't help because in order to co-sign a mortgage your name has to be on the title as well. I don't think that will fit into the guidelines of the divorce. When was the last time it was appraised? It may be worth a lot less now. I wouldn't take the loan out for any more than you have to if possible. Besides if you only have to take a mortgage out for 30K your payments should be extremely low allowing to to free up some money to help you to take care of your financial dilema.
Best of luck
Best of luck
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