Financing in Wylie>Question Details

Marsha, Home Buyer in Wylie, TX

My husband and I are divorcing. I would like to refinance our home (about $60k equity on home valued at about $157) in order to buy out his share of

Asked by Marsha, Wylie, TX Wed Oct 28, 2009

equity. Is this possible? (Credit not good, but have a co-signor)

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T.E. & Naima Sumner’s answer
Buying him out may be possible, even with a non-occupying co-signer, but you will still need cash to close besides reasonable credit and good ratios for mortgage-to-income and debt-to-income. Sometimes the reason for the divorce also damaged your credit to the point that only time will fix it.

You will also have to deal with the timing of the buy-out in relation to the divorce. Ask you divorce attorney about this. The paperwork may say he is no longer obligated to repay the existing mortgage, but the reality is that the original mortgage documents exist, and as you suspect, only a re-finance will clear the existing mortgage from his name. His homestead rights will likely be extinguished by the decree, but timing is important. You need your attorney's advice on when in addition to a loan officer's advice on how.
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0 votes Thank Flag Link Thu Oct 29, 2009
Before you can get an accurate answer, a lender would need to know what your middle credit score is. Have you had a lender pull it yet?
0 votes Thank Flag Link Wed Oct 28, 2009
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