Hi Jeff. Welcome to the forum.
If you refinance and pay the mortgage with the community property fund then both the spouse will have the share of the home equity. BTW you can know about the Moore Marsden Rule at http://www.mortgagefit.com/know-how/mooremarsdenrule.html . Free to ask if you have any further questions.
Best of luck,
Larry
If you refinance and pay the mortgage with the community property fund then both the spouse will have the share of the home equity. BTW you can know about the Moore Marsden Rule at http://www.mortgagefit.com/know-how/mooremarsdenrule.html . Free to ask if you have any further questions.
Best of luck,
Larry
Hi jeff,
Well, I must say you'll have to do the calculations using the Moore Marsden formula the page Larry has asked you to refer.
What actually happens is, the new loan is based upon the value of your property at the time of refinance. So, while calculating the community interest in refinanced property by the Moore Marsden Rule, replace the purchase price with the value of the property at the time of refinance.
Any pre-existing Moore Marsden interest should be rolled forward into the calculation. I suggest you talk to an attorney regarding the property-interest distribution.
Hope this helps...
may god bless you.
Samantha
Well, I must say you'll have to do the calculations using the Moore Marsden formula the page Larry has asked you to refer.
What actually happens is, the new loan is based upon the value of your property at the time of refinance. So, while calculating the community interest in refinanced property by the Moore Marsden Rule, replace the purchase price with the value of the property at the time of refinance.
Any pre-existing Moore Marsden interest should be rolled forward into the calculation. I suggest you talk to an attorney regarding the property-interest distribution.
Hope this helps...
may god bless you.
Samantha
purchase price 116,000.00 down pmt. of 40,000.00 was my seperate property 3 yrs later i refinanced im only one on title as a married woman he's on note help determine outcome
Hi babe,
If you are on the title of the property, that means you own the property and have full rights to stay in that property.
"i refinanced im only one on title as a married woman he's on note "
If you refinanced the property, in that case, the mortgage should be in your name. I don't understand why someone else is on the mortgage note. You can clarify it with the lender.
As far as outcome is concerned, being on the title of the property, you own the property and have rights to stay in it as well. If the mortgage is not in your name, then you are not liable to pay the mortgage payments.
Thanks,
Jerry
If you are on the title of the property, that means you own the property and have full rights to stay in that property.
"i refinanced im only one on title as a married woman he's on note "
If you refinanced the property, in that case, the mortgage should be in your name. I don't understand why someone else is on the mortgage note. You can clarify it with the lender.
As far as outcome is concerned, being on the title of the property, you own the property and have rights to stay in it as well. If the mortgage is not in your name, then you are not liable to pay the mortgage payments.
Thanks,
Jerry