I am in contempt of court as it is. my xh is not being kind about this. and he certainly has no idea what reality is when it comes to refinancing a duplex in the hood.
So I tried two years ago and my house only appraised for $99,000 which was less than what I owed and $15,000 less than what I paid despite major upgrades.
tried to sell it last summer through about Dec. One person looked and they were going to make a very low offer but I told their agent not to bother. I could not take less (I had it listed at 110,00 which would have given me enough for closing costs on a new place.). six months. one person. so I had a different real estate agent do a market analysis (my agent sucked I think) and she said the most I would get for it was $100,000, still less than I owed. I would need bring $8000 to close or do a short sale.
Ok so I don't hate my house most days. ok I do but the price is right, I love the neighborhood, I am not a fan of change and this house works. I don't need to move. I am not unhappy. I can make my payments (and have never missed one or been late in 10 years) and actually pay an extra $25 every month (not a lot but its amazing how much a few extra dollars towards your principal can do).
but...I have to get my XH's name off the mortgage. which means I need to either refinance or sell.
So after spending hours on the phone and spending hours filling out applications most banks wanted me to pay for the appraissal. $600. which I would probably lose because there is no indication that my house would appraise for the $105 to $135 needed to get the refinance (depending on bank I can only borrow a certain amount against the equity). I do not have $600 to throw away. One bank agreed to do a streamline FHA loan, no appraisal etc which is great. FANTASTIC. Just sign on the dotted line. Since my house is an FHA loan and I have an amazing credit score (751...A+
) peice of cake. except I have to have cash for the closing costs. $4000. ARE YOU FREAKING KIDDING ME? No loan, no credit card. someone can gift me the money but they actually have to sign a form saying they will not take repayment from me. Who has friends willing to do that? and I don't have family with any money. besides I would insist on repaying which means the person loaning it to me would have to lie on a legal document.
so I asked my xh to pay the closing cost since he is in such a hurry. I have not heard back
I offered to give my xh the house. all his and all he had to do was take over the mortgage. he offered me $90,000 which is abour $10,000 less than I owed. way to be insuting when someone is being generous. (and I was totally sincere. whatever, clearly it is not gaining value, why bother owning when there is no benefit for me. I would rather rent and let the landloard deal with all the crap of property ownership.)
SOOOOOOO,
in an effort to keep myself out of jail for contempt of court (this was supposed to be done by march. I told them no one would refinance me but I was being silly and argumentative. HA! maybe next time they will listen.)
I need some suggestions.
whats a girl to do?
are there any cheap alternatives for getting someones name off a mortgage. I can't believe banks don't want my business. I pay almost $600 a month in interest alone. (omg, the refinance where I have to pay the closing costs gives me an amazing interest rate as well. that would be sweet. my payment would drop $300 a month. and I could have the closing cost in 5 or 6 months so long as I do not co to court or recieve any fines etc for contempt. my lawyer cost about the same as closing costs.)
does anyone know how to refinance without an appraisal (I still have no reason to believe it will appraise for more than $100k and I owe 99750) and without closing cost? anyone who gives grants to single mamas for closing costs (all kinds of closure here. it is the last thing I have to do to make the divorce a completely done deal)
So I tried two years ago and my house only appraised for $99,000 which was less than what I owed and $15,000 less than what I paid despite major upgrades.
tried to sell it last summer through about Dec. One person looked and they were going to make a very low offer but I told their agent not to bother. I could not take less (I had it listed at 110,00 which would have given me enough for closing costs on a new place.). six months. one person. so I had a different real estate agent do a market analysis (my agent sucked I think) and she said the most I would get for it was $100,000, still less than I owed. I would need bring $8000 to close or do a short sale.
Ok so I don't hate my house most days. ok I do but the price is right, I love the neighborhood, I am not a fan of change and this house works. I don't need to move. I am not unhappy. I can make my payments (and have never missed one or been late in 10 years) and actually pay an extra $25 every month (not a lot but its amazing how much a few extra dollars towards your principal can do).
but...I have to get my XH's name off the mortgage. which means I need to either refinance or sell.
So after spending hours on the phone and spending hours filling out applications most banks wanted me to pay for the appraissal. $600. which I would probably lose because there is no indication that my house would appraise for the $105 to $135 needed to get the refinance (depending on bank I can only borrow a certain amount against the equity). I do not have $600 to throw away. One bank agreed to do a streamline FHA loan, no appraisal etc which is great. FANTASTIC. Just sign on the dotted line. Since my house is an FHA loan and I have an amazing credit score (751...A+
) peice of cake. except I have to have cash for the closing costs. $4000. ARE YOU FREAKING KIDDING ME? No loan, no credit card. someone can gift me the money but they actually have to sign a form saying they will not take repayment from me. Who has friends willing to do that? and I don't have family with any money. besides I would insist on repaying which means the person loaning it to me would have to lie on a legal document.so I asked my xh to pay the closing cost since he is in such a hurry. I have not heard back
I offered to give my xh the house. all his and all he had to do was take over the mortgage. he offered me $90,000 which is abour $10,000 less than I owed. way to be insuting when someone is being generous. (and I was totally sincere. whatever, clearly it is not gaining value, why bother owning when there is no benefit for me. I would rather rent and let the landloard deal with all the crap of property ownership.)
SOOOOOOO,
in an effort to keep myself out of jail for contempt of court (this was supposed to be done by march. I told them no one would refinance me but I was being silly and argumentative. HA! maybe next time they will listen.)
I need some suggestions.
whats a girl to do?
are there any cheap alternatives for getting someones name off a mortgage. I can't believe banks don't want my business. I pay almost $600 a month in interest alone. (omg, the refinance where I have to pay the closing costs gives me an amazing interest rate as well. that would be sweet. my payment would drop $300 a month. and I could have the closing cost in 5 or 6 months so long as I do not co to court or recieve any fines etc for contempt. my lawyer cost about the same as closing costs.)
does anyone know how to refinance without an appraisal (I still have no reason to believe it will appraise for more than $100k and I owe 99750) and without closing cost? anyone who gives grants to single mamas for closing costs (all kinds of closure here. it is the last thing I have to do to make the divorce a completely done deal)
