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Thank you.
What will your wife be doing with the money? If she doesn%26#39;t have an
immediate need for the cash, maybe she can make the $40,500 a 2nd
mortgage on the house. So, intead of walking away with the money now,
she would have it invested. You could offer her a interest rate of
5%, which is better than she could get at any bank. Doing this would
add about $217/mo on top of your current payment. But, if you haven%26#39;t
refinanced in awhile, you should take advantage of these low rates and
just refinance to get cash out. The payment you%26#39;ll be talking about,
though, will be rather high for someone with your income. Will you be
receiving child support from her if you are keeping the child? Maybe
this amount will cover the additional cost of the house.
The best way to provide your 10 year old son with continuity is to
show him that he is more important that any disagreement with your
wife by not getting divorced.
First of all, the judge, in all likelihood, will not force you into an
impossible situation, which is to say that he/she won%26#39;t force you to
pay cash when you can%26#39;t raise the cash.
In Michigan, these situations are typically handled by either: (1) the
spouse moving out has a lien on the title which permits the equity to
be paid out upon the sale of the home and perhaps to a max term (%26quot;upon
sale or in five years, whichever is to occur first%26quot;); or to have the
spouse receive payments over time (say, ten years at 7%, or some
such).
Your attorney should be able to lay out the options. I hope and trust
that you have an attorney. Best of luck.
weisstho-ga
tomtgs:
Additional information is needed to tell whether or not you would
qualify for a refinance/new mortgage of approximately $101,000; e.g.
is your credit record good? Do you have other monthly payments (credit
cards, car payment etc.)? Will you be paying alimony or child support
to your ex-spouse-to-be? For the sake of discussion, using the
following assumptions, you should have no problem qualifying for a
conventional 30-year fixed-rate loan:
- property taxes $1500
- annual homeowners insurance premium $600
- loan amount $101,000 ($99,500 plus 1 point -- one percent of loan
amount --plus other closing costs; lenders in your area could charge
differently)
- interest rate 5.75%; 30-year term; fixed-rate
- total monthly payment $764.41 ($589.41 Principal %26amp; Interest,$125
property Taxes, $50 homeowners Insurance)
This gives you a %26quot;housing ratio%26quot; of 29.4% ($764.41 PITI payment
divided by $2600 monthly income). This is within lending industry
guidelines. BUT, too much in other monthly payments (if any) could
adversely affect your ability to get the loan. You could have up to
$250-350 in other payments, and still qualify for the loan (again, any
legally required payments to your ex-spouse-to-be, e.g. alimony or
child support, must be included in these payment totals). These debt
ratios guidelines are not carved in stone; get guidance from a
reputable -- repeat, reputable -- real estate lender/loan officer.
If you proceed, try for a conventional loan, and avoid FHA loan, if at
all possible.
Hope this info is useful, and good luck!
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