Hi ,

I recently divorced and was thinking about buying out my wife. The present loan is in my name only. The mortgage is about 1400 inc P/I/T/I. The balance of loan is about 170K I need about 150. to buy her out and pay off home repair loan.
I have a 765 credit score. We agreed to sell house cause she in in great debt.
Its easier for me to keep house then sell it on my own in the spring and pay her off but can I afford it monthly for the next 8-10 months
Can any one direct me to something like a 6 mo or 1yr arm w/o points that is interest only. Or someone who specializes in these situations. I need to act soon
or I'll have to put house on market and sell short.

Thanks in advance
Bob

Bob, it might be helpful to post what state you are in.

I live in Mass

Bob I would suggest an interest only loan or like you said a 1%, for a short term situation for yourself. Is your wife still on the loan? And is she willing to sign off of it? I can probably help you and get it done within 2 weeks. In regards to the arm loans, there's 2,3,5,7 Year Arms. The rate is basically fixed for a number of years and expires into an adjustable. In your case, you wouldn't have to worry because it is a short term loan to get cash, and remove your wife from the title.

__________________
Kevin
klu@nationwidemortgage.net
Nationwide Mortgage
Toll free (866)427-7200

Kevin,

My wife is not on loan. I just need to buy her out to resolve this. I didnt know if I could afford Mortgage/ loan + child support. I need about 150K. Whatever is less on a monthly basis. Then I can either Get a couple of roomates, rent house or justy sell it on my own. The lawyers dont want us to make it pretty so it will sell for top dollar. They just want it resolved. I could do that on my own after she's paid off. Less stress.

Bob

In that case, you shouldn't have a problem, only thing that may play into factor is your debt-to-income ratio and credit score. Let me know if you have any problems or questions

__________________
Kevin
klu@nationwidemortgage.net
Nationwide Mortgage
Toll free (866)427-7200

Kevin,

Excellent credit score, over 700. Debt/income was never a problem.
Present mortgage 1350/mo, cc are less than 300/mo. I am not paying child support right now, instead I'm paying mortgage but once I buy her out I will be paying 1250/mo support. We'll have to do math. I'd like to know what programs you have can offer. Again this is for short term just to end the lawyers and stress. Also my present mortgage is 30 yr fixed @ 5.25

Thanks, bob

5.25 % is a great rate for a long term mortgage. Like I said before, if you are looking for a short term, I would suggest either a 2 Year I/O or a 1% Pick your Pay. I would have to explain in more depth about the 1% program. Feel free to contact me

__________________
Kevin
klu@nationwidemortgage.net
Nationwide Mortgage
Toll free (866)427-7200