How does a spouse “buy out” of the marital home when you owe more than the house is worth (no equity)?
Husband & I refinanced our home 1.5 yrs ago to pay off his college loans & our joint credit card debt. We qualified for a “110% loan,” leaving us with no equity. Plan was to not sell for quite some time. However, we’re now divorcing.
1st mortgage = $160k, 2nd mortgage = $50k ($210k total).
Home’s current value is ~$170k. Husband accepts responsibility for debt from his college loans ($42k). He also agrees that I get $10k “credit” for original down payment which came out of my personal savings. I will probably stay in the home for a few years; it’s not in our best interest to sell now given the $ situation & housing market. Based on my assumptions & calculations, to “buy him out” he actually owes me $72k. Correct? Lawyer recommends not refinancing & leaving husband’s name on mortgages so he feels more pressure to pay, or me refinancing with parents cosigning to reduce payments but then husband has no financial responsilibity to mortgage company, only to me. Recommendations??
I too would follow the attorney’s advice. It doesn’t sound like anything else would be a win/win situation. The $72k sounds appropriate if you sold the house right now. But, I’m not an attorney.
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