need help please - Posted by rdrew

Posted by rdrew on August 28, 2003 at 10:56:04:

thank you for your help, I’m on it

need help please - Posted by rdrew

Posted by rdrew on August 27, 2003 at 16:10:09:

Here’s the situation my father and mother are in the process of getting a divorce and the house is up for sale. the current mortgage on the house is $201K and their selling the house for $309K. Description of house Spacious Bi-level, 4 Bedrooms, 2Full Remodeled baths, Formal diningroom w/hardwood fl, Livingroom w/hardwood fl, remodeled kitchen with full eat in, familyroom w/woodburning stove, 2 car garage with operners, plenty of new upgrades, taxes:$4322/2002.

My father doesn’t really want sell the house and he stated that if the house is sold he and my mother will split the profit. He was asking me if their is anyway he could come up with $54K to give to her without selling the house outside of refinancing. Or if theirs anyway he could re-purchase the house that will give him the $54K without greatly effecting his current mortgage payment of $1759.20

Any advice you can give would be greatly appreciated, I’m trying to help my father anyway I can and I thought maybe someone on this site may have some ideas.

Re: need help please - Posted by Alicia

Posted by Alicia on August 27, 2003 at 20:30:13:

Your father could do a few things. He could go to the bank or a mortgage broker and get one of two things: He could get a 2nd mortgage or he could open a line of credit with the equity of the house. I recommend the second because the interest rate is going to be a lot cheapier. Second mortgages are ok but the interest rates tend to be higher than a line of credit or a refinance. If you all decide to get a line of credit, have your father get a check for the $54K. Then, have your mother sign a deed from the both of them to just him. Then, give her the money and go record the deed. She now doesnt have any ownership left and has her money without effecting the first mortgage at all. Hope this helps…