# The house after Divorce....Frustration



## Summer1320 (Jul 1, 2010)

The house is in both of our names but he is keeping it. It was stated in the property agreement that he is to refinance the house within 60 days. If he doesn't, then it has to be sold. We have been divorced for 2 months now and he just found out that he cannot get approved for refinacing. We now have to put it up for sale. I am very frustrated because now I cannot buy another house until this one sells. Who knows how long that'll take! I don't want any financial ties with him at all and now this. Our biggest investment. Have any of been through this? Is there anything else that can be done?


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## swedish (Mar 6, 2008)

Hi Summer,

Sorry, I do not know of a way around this without him refinancing. As long as your name is still on the mortgage, you will be responsible for it being paid. The only way of removing your interest in the property (ie a quitclaim deed, etc.) is if there are no liens on the property (ie your mortgage must be paid off either by cash or re-fi in his name only)

Do you have a good handle on the appraised value of your home vs. your mortgage pay-off? If there is any equity in the home, selling might be the best option in your situation. Did he try other lenders for re-fi or just your current lender? There are mortgage companies out there now offering re-fi w/o appraisals (if that is the issue) but I believe it depends on income, credit score, etc.


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## Summer1320 (Jul 1, 2010)

Thank you Swedish for the reply. There is not much equity in the house at all which is why he was not approve for refinancing. His income and credit score are not a problem at all. The banks didn't even look at that info. Their first questions were how much we owed and the apprasial value. They said there was nothing they could do for him. He tried going to a couple different banks including our current lender.


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## 827Aug (Apr 27, 2008)

Summer1320 said:


> Thank you Swedish for the reply. There is not much equity in the house at all which is why he was not approve for refinancing. His income and credit score are not a problem at all. The banks didn't even look at that info. Their first questions were how much we owed and the apprasial value. They said there was nothing they could do for him. He tried going to a couple different banks including our current lender.


That's rather typical now. You may want to see an attorney who specializes in property issues. I'm fortunate that I have a relative who is a "property" attorney. He has been so helpful--especially since my house is now in foreclosure. Also, you may want to look around for a private investor willing to finance your house. With the current economy it's a win win situation for your husband and an investor. I even went that route back in the 90s on a piece of commercial property.


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