Hi pleasehelp,
It will be difficult for you to refinance the mortgage as the loan is 3 months past due. It's better to go for the sale of the property rather than a refinance in this case. This will help him clear off the mortgage by selling off the property and will also have an extra amount after the sale.
It will be difficult for you to refinance the mortgage as the loan is 3 months past due. It's better to go for the sale of the property rather than a refinance in this case. This will help him clear off the mortgage by selling off the property and will also have an extra amount after the sale.
Hi Guest,
A short sale is done in case the property value has declined below the amount of the mortgage owed on it. If your ex gets $150k on selling the house on which he owes only $107k, it cannot be called a short sale. It is a normal sales transaction. In case he wants to sell the house, let him do so. If you have your name on the title to the property, you can claim your ownership interest. However, given the current market situation, I doubt if he would be able to make any profit after selling the house and paying off the mortgage.
A short sale is done in case the property value has declined below the amount of the mortgage owed on it. If your ex gets $150k on selling the house on which he owes only $107k, it cannot be called a short sale. It is a normal sales transaction. In case he wants to sell the house, let him do so. If you have your name on the title to the property, you can claim your ownership interest. However, given the current market situation, I doubt if he would be able to make any profit after selling the house and paying off the mortgage.