Jurisdiction/Place: USA - Georgia
Can I quitclaim without re-financing 1st & 2nd mortgages?
Divorced July, 2008, leaving me responsible for monthly payments, ex-wife lives in residence 1st & 2nd Mort Home equity loan lien on title to be listed for sale no later than June, 2010. I have an option to "buy" her out decree states both loans need to be re-financed, now <5% inter.rate.. The house value is questionable probably worth $170k - $190k as I did receive a letter a month ago from BOA stating it is "underwater" and no money can be borrowed due to loan to value drop.Therefore it would be in my best interests to obtain a quitclaim & assume the 1st & 2nd Mortgage Would appreciate any feedback on my 3 Alternatives:
1.) Market house per decree "as is" splitting remaining debt owed with ex-wife - house needing cosmetic repairs in a very poor housing market that may NOT pay off debt owed
2.) "buy" the house from ex-wife, basically absorb all the debt owed by Quit Claim, would involve re-finance if required & hope the market value comes back in a few years to sell later on;
3.) Quitclaim & retain or assume (re-finance) 1st mortgage & retain 2nd Home mortgage in both my & ex's name pending principle pay down and housing market improved in few yrs from now allow re-financing of 2nd mortgage later if the appraisal for re-finance does not meet a 90% loan to value ratio.
Any help, comments, suggestions, other alternatives are deeply appreciated. !
Greg
Lawrenceville, GA
Can I quitclaim without re-financing 1st & 2nd mortgages?
Divorced July, 2008, leaving me responsible for monthly payments, ex-wife lives in residence 1st & 2nd Mort Home equity loan lien on title to be listed for sale no later than June, 2010. I have an option to "buy" her out decree states both loans need to be re-financed, now <5% inter.rate.. The house value is questionable probably worth $170k - $190k as I did receive a letter a month ago from BOA stating it is "underwater" and no money can be borrowed due to loan to value drop.Therefore it would be in my best interests to obtain a quitclaim & assume the 1st & 2nd Mortgage Would appreciate any feedback on my 3 Alternatives:
1.) Market house per decree "as is" splitting remaining debt owed with ex-wife - house needing cosmetic repairs in a very poor housing market that may NOT pay off debt owed
2.) "buy" the house from ex-wife, basically absorb all the debt owed by Quit Claim, would involve re-finance if required & hope the market value comes back in a few years to sell later on;
3.) Quitclaim & retain or assume (re-finance) 1st mortgage & retain 2nd Home mortgage in both my & ex's name pending principle pay down and housing market improved in few yrs from now allow re-financing of 2nd mortgage later if the appraisal for re-finance does not meet a 90% loan to value ratio.
Any help, comments, suggestions, other alternatives are deeply appreciated. !
Greg
Lawrenceville, GA
