My brother is getting a divorce. His wife wants to keep the house and pay for it herself. He wants his share of equity out.
Does anyone have experience on how my brother would get out of the house and the loan? I suspect that his wife would have to qualify for a new loan.
The wife would have to do a cash out refinance in her own name to buy your brother out. In return, your brother would sign a quit claim deed relinquishing his rights to the property.
What “carefullyobserving” said is pretty much what happened to my firend who got a divorce just recently. He had to refinance and had to take out half of the gains and give to his wife(now ex-wife), she came out pretty good, 80k and alimony for 6 months.
Hehe, I was more of like saying 80k was pretty good, they were married for 1 year and 1 month. She never worked and, sucked for my friend, we all told him not to marry her, but he still did. She is now off with 80k and some change.
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