Lanx
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it was probably created for banks, no mortgage approval w/o earthquake insurance... here use our list of providers, wink/wink
Home buying thread
- Thread starter Pasteton
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ToeMissile
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My in-laws insurance dropped them because they deemed the fire risk is too great. Had been with them for 30+ years, same house.
Kriptini
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News on the earthquake insurance front: it's relatively inexpensive for me to get earthquake insurance to cover my own dwelling, but as part of the regulations of my HOA, members will be assessed for any common area damage that isn't covered by the HOA earthquake insurance policy... and since now that policy no longer exists, members would be assessed for all common area property damage, which includes damage to the exteriors of units that I don't even own. To add loss assessment coverage onto my personal earthquake insruance would cause the annual premium to be $784... much cheaper than the $2,000 from the scam the HOA is referring people to but it's still totally unreasonable for me to have to start paying $784 annually out of nowhere.
Tmac
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Sludig
Golden Baronet of the Realm
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Not really anything in my immediate future of concern, but anyone know anything about mortgages with 2 people on the loan, and if one person bails. Be it divorce or whatever.
Is there any kind of refi to keep same terms due to "life event" or whatever vs a standard refi.
I'm good now, but for a while wife who hates it here was threatening moving back w/ out me. I can carry my mortgage/bills alone, but not if I go from 3% or whatever it is to 8%
Is there any kind of refi to keep same terms due to "life event" or whatever vs a standard refi.
I'm good now, but for a while wife who hates it here was threatening moving back w/ out me. I can carry my mortgage/bills alone, but not if I go from 3% or whatever it is to 8%
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Burns
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I don't think you need to refi to remove a name off the loan, but it would be a legal issue, where she could demand/be entitled to half in order to sign the papers.
Sludig
Golden Baronet of the Realm
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Just moved here a year ago not all that much equity, but she could be bought out of it from our excess shared funds from original home sale etc.
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Sanrith Descartes
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Banks dont give a shit what divorce courts say. If more than one name are on the note, then both are responsible until it gets refinanced removing names. Not to be the bearer of bad news but if the wife bails and stops paying/contributing, you are still on the hook.
Sanrith Descartes
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This isn't correct. Banks dont remove someone from a loan responsibility because of things like divorce. The debt is the debt until its settled. Names on a title can be adjusted, but the debt note is something else entirely.
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Sanrith Descartes
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Te equity stakes can be decided between you, but the mortgage still needs handled with the note holder. The big question is can your income handle a new mortgage without the wife's income? If not, do you have family that could co-sign a new note with you?
Ownership of the house and the note on the house are two very different things.
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Sludig
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Being on the hook is fine and what I want. Qualifying ought to be OK solo especially if I ditch a car.
the only question was anyway to assume the debt, even having to qualify solo etc, that didn't mean tripling my interest
Burns
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Ah, right. I was thinking title, not loan. Would it even matter if she is still on the loan though, as long as she is not on the title? Are there even any legal means to force someone to take a new loan, as long as they buy out the others equity in a divorce?
Sanrith Descartes
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You can ask the note holder, but in all likelihood they will want a new note drawn up. They have no real incentive to allow a lower interest note to continue to exist if they can get a new one with a higher rate. Also keep in mind most likely your mortgage may have been sold multiple times by now as many mortgage companies dont hold mortgages to term but bundle and sell them for cash to keep writing new mortgages.
Sanrith Descartes
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Most of this has probable been covered many times in the divorce thread (I dont read it, so guessing). It is one of the biggest fuck you of a divorce. The courts can declare anything, but banks and loan holders tend to not care. They only care about getting paid and the more names on the note, the more chances they continue to get paid. Also, keep in mind most lein holders will object to someone being removed from a title if their name is also on the note. For the reason i mentioned in the previous sentence.
Probably not what you want to here, but the most likely solution to your issue is the buy the house from her and refinance. My suggestion would be to use the fact that the increased interest rate of a new note is going to cost you "X" and demand that that increase in cost be offset by lower the value of her share of the home equity. So if her "half" of the home equity is $100k, tell her she only gets $75k or so since you are having to absorb the higher interest rate and new closing costs. If she "really" wants to leave badly enough, she might be willing to take a significant haircut to just be gone.
ps.. Sorry this is going on for you. Shit like this is a terrible situation.
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Burns
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He said she got used to it, and isn't thinking about leaving anymore, but it got him thinking.
There is a guy down the road that had it happen though. He bought the property, started building, and she said fuck the country life, then filled for divorce. So the build got put on hold. Shitty situation all around.
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Sludig
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It's not going on but was a risk in the past and I'm not leaving it to fate if it happens again just want to be informed. last we spoke at all in earnest about it she was just going to let me take over payments. But that's assuming it stayed an amicable split. obviously an issue if she goes to buy something of her own but in the Colorado market and these rates she's not going to get much on 80k even if she puts the about 100k shed have on it.
She still hates it here but has at least become more accepting, sees sobe of the positive
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Burns
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All she is probably seeing is small town Oklahoma, but yall are only like 3 hours from the Ozarks, and bitches love the Ozarks. Rent a boat or do things in Branson. Missouri also has some neat caves that are easy to tour. I have only been to Merrimac caverns and the Mark Twain cave, but there are higher rated ones, like Fantastic Caverns.
A weekend trip to Ft. Worth, to take in a show wouldn't be bad, bitches love shows (5 hour drive on 69 is... interesting). If you want to go with fancy accommodations, the Gaylord is on the north side of DFW, so ~30 min shorter.
Living rural wont really pay off until the crime rate spikes too much to cover up, by messaging the numbers, in the big cities. Then her old city friends will start complaining on the Facebook.
Sludig
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Funny enough her ass can't swim but it's on our to do. Working on getting a modest pool. She wants to take nieces to white something amusement park in 2 weeks but it's 4 hours and a bit much for a round trip day trip imo. We have hills and lakes but I would like to go see the Ozarks myself though we almost have to go singly due to the farm.
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Jysin
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