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We bought our house for $205k and my wife says she wants me to pay her out so she can move out. my understanding is that since our house is now less valuable than what we owe on it, we'd only be splitting the debt. she's mentioned me refinancing and getting a loan to pay her out, but then i'd owe approximately $300k! i need a better understanding of how to resolve this, with emphasis to the fact that we're attempting to keep lawyers out of the mix. we want to process outside of the courts as much as possible since we agree on every element with exception to this issue. someone please help me.

Sounds like she wants you to take the hit of the house losing value, while she walks out with what she put into it. Good deal for "her" I guess, lol. Get an attorney on this one.

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I am sitting on the brink of a divorce with my spouse. we currently own our home however the value of the home is roughly 100k less than what is owed due to the crash in the housing market and economy. we both work and neither of us could afford it on our own. so if we were to sell the house would we have to split the difference of what is owed? even though i know i will probably end up with owing more than my spouse as i make more money.

If you get divorced, yes you will spent the difference, I just went thru this mass. Or file bankruptcy. I ended up with my house and i am 3 payments behind and tryingg to keep it.

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My house is a loss, we bought it last year. payment per month is $1900.00/ mth - i bring home $3000.00 a month and my wife is currently on a workers comp. i have wanted a divorce for awhile, way before she stopped working. it is now time to split. i need to move out for my own health and sanity. i made a big mistake, but we all do. she refuses to put the house up for sale. she can no way afford it, any court in the land will say "sell the house" as it has no equity and its a loss. dont forget we would have to pay closing out of pocket on it if we sell. but she is refusing to sell the house! will you people help me on what approach i should use with her to make it clear that the fantasy of keeping the house is not gonna happen. please dont give me your an idiot answers i really need an approach on this. 1 step-child, "never adopted", and the childs father took off without paying any child support.

This is a tough one because you CAN'T refi in her name since she has no real income and there is no equity. You also can't just let her have the house and walk away because when she defaults on the loan, you are still on the hook for it and it will impact your credit. You may consider making this an issue and having a court order the sale, but then we are getting into messy divorce issues and that could drag this out unnecesarily. I feel for you - no easy solution here. I would probably lean toward giving her the house and taking the hit on the credit. It would hurt, but the tradeoff is being able to walk free and start fresh. You will be renting for a while anyway - it might not be the end of the world. BTW - all this is assuming you have NO KIDS. If there are kids from the marriage then all this is void and my advice is WAY different.

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Like to know if i stand a chance of keeping the property we own or if we could sell it and split the money. i am not sure if it is worth more than we owe and he is trying to qualify for a government program to reduce the mortgage payments. would this affect the outcome. the title is in his name and i am listed on the deed.

Are you using a lawyer? let him figure it out. Judge is bound by law to come to agreeable terms. You could be ordered to sell and split. this works out in the divorce degree

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My husband is cheating and leaving me soon. i need to know if i owe all of this debt too. he was told that though all debt is in his name only, it is still half my debt. this includes one credit card, a house that is only a year old and we have to stay in for another 8 months or pay the government back the 8,000 they gave us for buying a home last tax season, and a brand new car he just bought a month or so ago. it is all in his name. i do not want the car or the house. he says that we must keep both and i will have them. i know ideally we can't afford to give either back - he's done some damage to the house and i'm pretty sure we owe more than what we would be paid for it - and the car, we traded in a car of way lesser value for this brand new car, but we also had to tack on the remainder of that car that the trade-in value did not cover. so the brand new car we owe more on it than it is worth. he has told me in a separation rather than getting child support and alimony, he wants to just pay for my house and car. i don't want to do that, but should i decide to just go get a place and a car and ask him to pay child support and alimony, leaving him with the car to either give back or keep for himself, and the house as well, if they default and appraise for less than what we owe on both, would i be responsible for the debt too? we live in nc and at his separation briefing (he is military) he was told that it doesn't matter whose name things are in, we both split the debt 50/50. i do not know if this is because we are in a community property state or what but i really need help. i'm trying hard to fix my marriage, financially-speaking we can't afford this divorce, but if i don't actually end up owing the debt in his name and can walk away from it, it will not be nearly as desperate for me to try to fix it as it is right now. thank you to anyone who helps :) i know that should i move out and request child support and allimony (which i am entitled to) he cannot afford the house and the car alone on his income, so he will end up defaulting on both loans. i need to know if, since they're in his name only, i will get saddled with the debt too

It may depend on whether you live in a community property state or not. Consult a lawyer. Most local Bar Associations (County or State Bar Associations) offer short consultations (like 30 minutes to an hour) with an attorney for little or even no cost to you. It would be worth it to find out what your rights and obligations are. Good luck.

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I'm currently going through a divorce which will be final on july 16. my wife and i have decided to sell the house, split the equity and part ways. the house is listed for $165k and we only owe $103k. for the sake of simplicity lets say we sell the house and make a $60k profit. we split this 50/50. i currently have about $25k in student loans. i'm currently paying off this loan based on a 5.99 apr. i was going to use my half to pay off the balance and then use my military va to get into a more inexpensive house. my wife is going to use her half as a down payment on her new house. here's my dilemma. i really love the house i'm in. if it were up to me i'd stay in it. is there a way i can take out a equity loan (up to what the house is worth now) give half to my wife and use the other half to pay off my loan and still come out without having to pay another monthly loan balance? i'm not all that familiar with the different loan options available to home owners. thanks!

why dont you refinance the house under your name only and refinance it using a VA cash out refinance. If you do that, you can get the 25k out in equity, still be within VA parameters, pay off your ex, and keep the house. Not to mention... pay no PMI.

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To buy me out / split the equity. the home is worth $115,000. we owe approximately $111,000 on it. it has a 1st & 2nd mortgage on it, we've had it for 2 years. can someone please explain the process and what would be my best bet? he makes signifigantly more than i.

I assume you have had an appraisal on the house and that is why you say it is worth $115,000. If you haven't had a current appraisal done (within the last three months), get that done before you accept any money from equity. If you purchased the home together and you are on both the title and the mortgage, your husband will have to refinance both loans in order to remove you from the current loans. Make sure this is done! If he will not do this, then have your attorney ask the judge to force a sale. Frankly, it is more important that he refinances (and he will have to pay closing costs on the new mortgages) than it will be for you to get the $1500 in equity. If it were me, I would waive the $1500 as long as he gets your name off everything! Your credit is worth far more than the $1500. And it isn't just a problem if he stops making payments (although that could ruin you!), but your debt to income ratio (which is what a financial institution or credit card company looks at when you are seeking credit) would be affected, because legally you would remain in debt for the mortgage until it is paid off or your name is removed.

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I moved in with my boyfriend after getting divorced and we agreed to share the mortgage payments. he became abusive and we split up. now he is taking me to court, claiming that i owe him money for rent. he allowed me to live there but i have no proof that i gave him the payments. this is 3 years worth of rent. what do i do?

When you get to court, this will get interesting. 1. There is no signed rental agreement. 2. He is saying he waited 3 years for the money. 3. You have no proof you paid. 4. I bet he didn't report this as income on his taxes.

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Don't bash me for my methods, but just give your thoughts in the current situation. ex and i had a super easy divorce where i said, "i'll move out, you keep paying the mortgage on the house and we'll decide later if you refinance or sell it." well, we have a 2nd mortgage line of credit for all our debt consolidation and home improvements. i have been paying half this 2nd mortgage cuz it was debt we both gathered. but if i gave her the whole house and it's 1st mortgage payment, shouldn't she also be paying the 2nd mortgage? the 2nd mortgage came from equity which i earned half of. now i'm giving up that equity so isn't that her resposibility now? for example on a refi. 1st mortgage we owe 200k. house worth 280k. 2nd mortgage balance 80k. she refi's the 1st mortgage, i get 40k in equity. she refi's 2nd mortgage and even if we split the 80k, i just give her back the 40k i earned from equity so i'm even. is my logic correct here? i should be 100% free of any of the mortgages? that's exactly what i was asking about. if she refinances, logic is that it'll be for the whole amount (1st and 2nd mortgages) and i'd not fit in anywhere. some think i'm still responsible for 1/2 the heloc because i helped create that debt it was put towards. but it's from equity in the home so if i give up my equity portion, i also give up my 1/2 of the heloc resposibility, right?

if there's a 2nd mortgage of 80k and a 1st of 200k, there is no equity - you took the equity out when you received the cash from the 2nd mortgage - what did you do with that 80k? you're not entitled to anything and as long as your name is on the mortgages, you're stuck with the liability. You should either sell the house and split the equity if there is any or if ex wants to stay, she should refi in her name-if she can afford it and you sign your share of the house over to her for 1/2 of any equity (probably none according to your calculations)