We bought our house 10 years ago. (Before house hell started). We had no trouble getting a mortgage, it was well within our means, etc.
I filed for divorce last month and was planning on refinancing and keeping the house and found out today that it appraises too low---$10,000 to low!
I have several options:
1. Come up with 10,000 in cash. (which would have to be some sort of loan with interest)
2. Try to sell the house--which requires a couple thousand in some much needed home repairs like carpet/bathroom floor/paint before I could put it on the market.
3. Short sale to bank--and take the credit hit.
4. Walk away and take the foreclosure.
It also BADLY needs a new roof which is another $10,000.
It's SO frustrating. I can afford the house. I have a good credit score. I had no problems getting pre-approvedwh for the amount I need to refinance. The monthly house payment would be LESS than what I'm paying now and less than rent.
My dh doesn't want the divorce. Won't willingly move out. And won't help with house repairs. (1/2 the repairs are home projects he started and never finished and I'm going to have to hire somehow to do them.)
I don't really like the town we live in but was going to keep the house because it would make the transition easier on the kids. (And it's cheap.)
Guess I'm just curious about other people's opinions.