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
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,
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.
I’m sorry, Ethan S, but I also agree with Golden River and bob999. Good luck to you!
Hi! If you want to ask for an expert advice regarding this matter. You can PM me.