BellaOnline Forums Money Home Ownership help what do i do

i am getting a divorce and my family wants me to stay in the house till the market changes so i could get some of my money back that i put down on the house like 70,000 to be exact. i have a first mortgage and a 2nd mortgage.. with the child support that my ex would pay and hopefully 1/2 of the 2nd.. this will leave me extremely hard on cash and struggling. i just dont know what to do. part of me wants to put on the market and get out and count my losses. but then when would it sell, and could i find something else and be able to finance myself . not tomention i am out of work on workers comp and got into a motor accident so i may get money not much but at least it would be something to put down.. what are others thought.

First of all, hang in there.

I can't give you advice on what to do but I can share with you what I would do. If you have $70,000 invested in the house, that is a lot of money. When you know exactly how much you are going to be getting each month, think about refinancing both mortgages into 1 even if it means getting an FHA refinance loan. As long as your ex will be paying for at least 3 years, that can count as income. Workers comp is a little more tricky but a good lender can walk you through it. And FHA is the lender of choice these days. The rates are low right now and you may find that an FHA refinance is affordable for you. Your local bank can probably help you with an FHA loan and their fees will be reasonable.

I hope this helps you at least see another option.

Rosemary
Editor - The Home Ownership Site