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Old 09-08-2008, 11:24 PM
 
76 posts, read 333,355 times
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A spouse and your marriage is falling apart, how do you get out of the mortgage? Only been in the house for 4 months.
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Old 09-09-2008, 02:51 AM
 
Location: Plano, Texas
1,676 posts, read 6,336,830 times
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Sorry to hear about your marriage... You will have to sell the home is the only way to get out of the mortgage.
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Old 09-09-2008, 05:10 AM
 
Location: NE Florida
17,835 posts, read 29,420,949 times
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If one spouse wants to stay in the house they can try to see if they qualify to refinance it into their name.
If neither wants the house or can't qualify as Victor said selling may be the only way out.
You also might want to check if there is a prepayment clause on the mortgage. This would be taken into consideration in the refi or sales figure

Sorry to hear of the marriage problems
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Old 09-09-2008, 08:08 AM
 
Location: Montrose, CA
3,031 posts, read 7,869,281 times
Reputation: 1925
Burn it down and collect the insurance.


(and just in case someone actually thinks I'm serious...NO I'm not, it's a joke!)
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Old 09-09-2008, 11:50 AM
 
1,738 posts, read 3,885,409 times
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I love the fact someone brought up this question finally, because I really feel it's a primary reason why divorce rates are what they are in this country. Homes shouldn't require two incomes (and therefore a mortgage on your relationship) to afford. People way underestimate the high leverage you put on your finances by carrying a bloated expense such as a house under the HOPE two income streams will never get turned off for even a month. Yet that's the home loanership crowd in America, in it's essence really. Crazy.
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Old 09-09-2008, 02:24 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,900 times
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Quote:
Originally Posted by micheleroll View Post
A spouse and your marriage is falling apart, how do you get out of the mortgage? Only been in the house for 4 months.
divorce and/or sell
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Old 09-09-2008, 04:29 PM
 
4,305 posts, read 11,132,138 times
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Quote:
Originally Posted by hindsight2020 View Post
I love the fact someone brought up this question finally, because I really feel it's a primary reason why divorce rates are what they are in this country. Homes shouldn't require two incomes (and therefore a mortgage on your relationship) to afford. People way underestimate the high leverage you put on your finances by carrying a bloated expense such as a house under the HOPE two income streams will never get turned off for even a month. Yet that's the home loanership crowd in America, in it's essence really. Crazy.

If we based a mortage on one person's income there would be a very large precentage of folks who could not afford a house at all.
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Old 09-09-2008, 06:27 PM
 
Location: Cary, NC
1,036 posts, read 3,629,100 times
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Quote:
Originally Posted by Grainraiser View Post
If we based a mortage on one person's income there would be a very large precentage of folks who could not afford a house at all.

Also, statistics show that during tough economic times divorce rates decrease. People can't afford to divorce and live on one income. The fact that we have 2-income earners in a family has been correlated to divorce rates. As couples are on more equal footing and can afford seperate lives there is less of an economic/support reason to become or stay married.

Of course... more income does not equal more savings and security in the US. It just means American families have more income to burn on bigger homes, cars, plasma TVs, cruises, etc. Need to keep up with the Jonses after all.
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Old 09-10-2008, 10:22 PM
 
Location: somewhere south of Canada
2,162 posts, read 3,768,639 times
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My solution with my ex-fiance was to buy him out (for half what he put into the house - he was desperate to get out and move in with the "other woman"), had him sign a quit claim, and then refinanced to get him off the mortgage and lower my payment. We tried to sell it but the market got a lot worse just in the two months we were in the house. It stinks to have to pay for this place all by myself, but luckily I have the income to do it - I just don't buy a lot of extras any more. I'm now moving to another city and because the market is so bad here, I'll be renting it out and hopefully I can sell it in three years, before my adjustable rate adjusts. Sigh!
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Old 09-14-2008, 12:14 PM
 
Location: Southeast Georgia
65 posts, read 215,995 times
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Another thing to consider is even if there's only one wage earner in the house, most times it's up to the Divorce Judge what happens to it, who has to pay for it, etc.
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