# Want to move out but am trapped--What now?



## onepotatotwo (May 17, 2011)

This is our situation… My H and his now exW lived in our current house for several years. When they split up, she moved in with her bf and used their divorce decree to give H the title to this house—and she took title to their rental property.
Their marital home had a lot of equity, and their rental had none(was “underwater” on the loan) 

Along comes me…. H’s exW wants off the mortgage because she hates me and wants him to have to refi. H has bad credit and can’t refi, so he gifts me his equity in the house, gives her a portion (which I never saw in the divorce decree), and I take out a mortgage to buy this house…. His exW owns the rental property and has to make the payments and has no equity… And I own this house (their marital home), but have to quit claim H onto the deed—so I have the mortgage in my name, but we’re both on the deed.

Now this is my problem… I want to divorce H. I have nothing against him personally….this is just *not* working and I can’t live my life being this miserable. 
So what I want to do is get my own house …and I want to do it without having to sell this house and take half the proceeds. 

When I bought this place, my loan was for less than half the assessed value because H gifted me his equity so I could make the purchase. I really don’t want to take half the profit when I divorce him…it had been “his” house for years before I came along, and he already had to buy out one wife. Quite frankly, I just don't want his money or anything...Just want to move on and try to be happy in my own place.

So, I just want to find a way to 1)buy myself a small, much less expensive house than what I have now and 2)not have to use the equity in this house to finance it.

I’ve thought about having H help me get a mortgage on a house for me, but his credit is terrible and thanks to his 1-year of unemployment, mine’s not looking so hot either. But with our combined incomes, we might qualify for a loan for another, smaller, less expensive house(Kinda like we ask the bank for a loan so we can get a house to rent out or one of those flipper deals). And I’m thinking that if he will help me get a loan for a house, I will sign my interest in this place over to him… We can get it all in writing that I get the new little house and he gets the big house and all profits from the sale if he decides to sell. That’s fair right?

Anyone have any thoughts on this or comments? I hate being “trapped” here like this.
(Just as an fyi, I can’t consider an apartment because I have a very large dog and I can’t “get rid of her”….)


----------



## Shooboomafoo (Mar 30, 2011)

You could always use the equity up front to get the smaller house and then gift the amount back when you get it?


----------

