Buying home as part of divorce settlement……good idea or not?

[simonbart]

[quote=HLS]
From a business standpoint:
a) How much did you originally pay
b) How much do you currently owe
c) What is the rate on your current loan and is it fixed
d) How much income can you get from the guest unit
e) Do you know your credit score or what you qualify for
[/quote]

a) Paid 307K in 2000
b) Currently owe 200K
c) 15yr fixed at 4.85% (about 9yrs remaining)
d) Guesthouse gets $650 month. I have no children so can rent out one of the bedrooms to a room-mate for $650 month also.
e) I have no idea of my creditscore or qualification amount.

I can’t afford to continue with the current 15yr mortgage and also buy her out of her portion….which will be about an additional 100K. I will probably need to refinance to a 30yr fixed for 300K if I want to keep the house.

My thinking is that later on when I get a second income again (I just turned 40)…..it will be easy.

[HLS]

If house is worth $490K, you have $290K in equity. Do you need to give spouse 50% ?
If so, you will need $145K + $200k = $345K new loan.

It’s imposible to quote you a rate that you qualify for without knowing your credit score, and the exact % of home value that you will need to borrow, but with a 30 YR mtg at 5% your payment will be $1852. Your taxes and insurance should be less than $400 a month, total $2252.
(A $300K loan will be $240 a month less)

If you can get $1300 a month income, it will cost you less than $1000 a month to live in a place that you are comfortable, and a good part of it will be tax deductible. You will also be paying down principal.

Assuming that you want to stay in the area, you can either sell and split proceeds and go rent
OR just stay put and enjoy a place that you already know, and forget about what you owe, just look at what it will cost you.

If you’d like to discuss your loan options feel free to contact me. …HLS

[HLS]

If house is worth $490K, you have $290K in equity. Do you need to give spouse 50% ?
If so, you will need $145K + $200k = $345K new loan.

It’s imposible to quote you a rate that you qualify for without knowing your credit score, and the exact % of home value that you will need to borrow, but with a 30 YR mtg at 5% your payment will be $1852. Your taxes and insurance should be less than $400 a month, total $2252.
(A $300K loan will be $240 a month less)

If you can get $1300 a month income, it will cost you less than $1000 a month to live in a place that you are comfortable, and a good part of it will be tax deductible. You will also be paying down principal.

Assuming that you want to stay in the area, you can either sell and split proceeds and go rent
OR just stay put and enjoy a place that you already know, and forget about what you owe, just look at what it will cost you.

If you’d like to discuss your loan options feel free to contact me. …HLS

[HLS]

If house is worth $490K, you have $290K in equity. Do you need to give spouse 50% ?
If so, you will need $145K + $200k = $345K new loan.

It’s imposible to quote you a rate that you qualify for without knowing your credit score, and the exact % of home value that you will need to borrow, but with a 30 YR mtg at 5% your payment will be $1852. Your taxes and insurance should be less than $400 a month, total $2252.
(A $300K loan will be $240 a month less)

If you can get $1300 a month income, it will cost you less than $1000 a month to live in a place that you are comfortable, and a good part of it will be tax deductible. You will also be paying down principal.

Assuming that you want to stay in the area, you can either sell and split proceeds and go rent
OR just stay put and enjoy a place that you already know, and forget about what you owe, just look at what it will cost you.

If you’d like to discuss your loan options feel free to contact me. …HLS

[HLS]

If house is worth $490K, you have $290K in equity. Do you need to give spouse 50% ?
If so, you will need $145K + $200k = $345K new loan.

It’s imposible to quote you a rate that you qualify for without knowing your credit score, and the exact % of home value that you will need to borrow, but with a 30 YR mtg at 5% your payment will be $1852. Your taxes and insurance should be less than $400 a month, total $2252.
(A $300K loan will be $240 a month less)

If you can get $1300 a month income, it will cost you less than $1000 a month to live in a place that you are comfortable, and a good part of it will be tax deductible. You will also be paying down principal.

Assuming that you want to stay in the area, you can either sell and split proceeds and go rent
OR just stay put and enjoy a place that you already know, and forget about what you owe, just look at what it will cost you.

If you’d like to discuss your loan options feel free to contact me. …HLS

[HLS]

If house is worth $490K, you have $290K in equity. Do you need to give spouse 50% ?
If so, you will need $145K + $200k = $345K new loan.

It’s imposible to quote you a rate that you qualify for without knowing your credit score, and the exact % of home value that you will need to borrow, but with a 30 YR mtg at 5% your payment will be $1852. Your taxes and insurance should be less than $400 a month, total $2252.
(A $300K loan will be $240 a month less)

If you can get $1300 a month income, it will cost you less than $1000 a month to live in a place that you are comfortable, and a good part of it will be tax deductible. You will also be paying down principal.

Assuming that you want to stay in the area, you can either sell and split proceeds and go rent
OR just stay put and enjoy a place that you already know, and forget about what you owe, just look at what it will cost you.

If you’d like to discuss your loan options feel free to contact me. …HLS

[fredo4]

Do you have kids? If so it would be nice for them obviously if you kept the home.

[fredo4]

Do you have kids? If so it would be nice for them obviously if you kept the home.

[fredo4]

Do you have kids? If so it would be nice for them obviously if you kept the home.

[fredo4]

Do you have kids? If so it would be nice for them obviously if you kept the home.

[fredo4]

Do you have kids? If so it would be nice for them obviously if you kept the home.

[Author]

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