Posted on: 07th Mar, 2010 05:00 pm
my daugthers marriage of 3 yrs has fallen apart, she is trying to stay in the house. Her current fha mortgage was refinanced 1 year ago at about 4.8% fixed. Her house is valued in the 410000 range, she earns about 80,000 and has 345000 outstanding. I am her father, am willing to co-sign on a new loan if needed, would also be on title, have my own mortgage of 125000, with about 7-8 years left, my house valued in 750-800K range. I have only 13k other debt. What are options that in your views would make most sense, best tax benefits, lowest cost.
If she can make the payments, then she should continue to make those payments. Is her husband forcing her to refinance? She should not do it unless a judge forces her to. In addition, she MAY be able to qualify without you which would be the best scenario.