What’s the best way to sell my house while going through a divorce?
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.
