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Hello I am a 55 yr old man that has been remarried and living in my wifes house for the last ten years. I have been paying half the bills including, mortgage upkeep,utilities and most everything else. We have decided to split and I need to buy a house and only have a couple months. MY background is that I am going to retire in 2 yrs from a municipal job I have had for 23 yrs. I have invested heavily into a 457 account which will take care of me pretty well for retirement but cannot get my hands on any of it until I retire. Im looking to buy a modest home for $70,000.00 but only have $3000.00 liquid. What should I do and who should I talk to in my predicament? Oh my fica is around 750. thanks
Talk to a lender. I would go to a mortgage broker rather than a bank as they will have more options. They can run the numbers and see if you qualify for a loan. You might also want to talk to your divorce lawyer to see if you are entitled to any of the equity in the home. In some states once you are married you automatically assume interest in your spouses real estate whether you are on the title or not. No one here can give you legal advise though.
Hello I am a 55 yr old man that has been remarried and living in my wifes house for the last ten years. I have been paying half the bills including, mortgage upkeep,utilities and most everything else. We have decided to split and I need to buy a house and only have a couple months. MY background is that I am going to retire in 2 yrs from a municipal job I have had for 23 yrs. I have invested heavily into a 457 account which will take care of me pretty well for retirement but cannot get my hands on any of it until I retire. Im looking to buy a modest home for $70,000.00 but only have $3000.00 liquid. What should I do and who should I talk to in my predicament? Oh my fica is around 750. thanks
I agree talk to an attorney but in the mean time as you maybe making a big move in two years, consider renting a studio apartment in the interim. You just need a place big enough to lay your head and an occasional friend.
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