Have home with Equity - Getting Divorced - Wondering about options

[bob999]

I have a home in the Boston Area with about $40,000 left on the mortgage.

I am getting divorced and in our divorce agreement I can buy my wife out for $140,000.

The home is worth about $375,000 as is and has a lot of upside as a fix and flip.

Ideally I would like to refinance, pay her off, take out enough money to pay off my credit Card debt, about $75,000 - don't ask, and not have to sell.  My two children would live with me.

I am self employed and don't think I can refinance based on what I show on taxes.

I want to stay in the house about three more years.

How can I do this without a co-signer?

I'm sure theres a creative solution - just don't know what it is

[Gold River]

Hi,

     I know this is a sensitive issue so I am going to be brief and to the point.

Put the house for sale with a realtor for $380k and sell it, you and your wife have settled, and it's over and done. Pack the house and move and hopefully have a few memories with the kids to keep.

You mentioned two or three major issues and their not easily overcome!

Start over and good luck,


                             GR

[EthanS]

I am very sorry, but I agree with Gold River. Sometimes the most obvious solution is the right one. I wish you good luck, everything will still be fine.

[Luna Moon]

I'm sorry, Ethan S, but I also agree with Golden River and bob999. Good luck to you!

[NoteSeekers]

Hi! If you want to ask for an expert advice regarding this matter. You can PM me.