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My concern is the condition and the appraisal. The valuation is solid. I have been neglecting some maintenance and have some unfinished renovation work that has a bathroom unusable and some floors exposed down the subfloor.
Can I get a quick refi in its current condition? Divorce requires that I get my Ex released from the loan, pay off the loan via refi or sale. I don't want to sell.
10K could get everything back to passable condition.
50K could get it to max value.
Loan balance w/ Citi Mortgage = 100k
Value after 50k reno = $275k
Value "as is" = +-180K ish??
Credit = 710
Income = 55K
Debt = 0
Reserves = 0
I would prefer to cash out 50K and do a nice job on the house. However, I will settle for anything that gets this resolved as I don’t want to risk losing the potential equity. (see Below)
4 years ago, DW and I got a divorce that was basic. She moved out with her stuff and everything else including the home was mine. Neither of us had any debt except for the home. Only stipulation was I was to remove her from the loan. (Which comes down to sell or Refi.)?
I have not heard from her till now with a legal filing that claims I am in contempt of court for not removing her from the loan or paying it off that I must answer within 30 days.
My concern is the condition and the appraisal. The valuation is solid. I have been neglecting some maintenance and have some unfinished renovation work that has a bathroom unusable and some floors exposed down the subfloor.
Can I get a quick refi in its current condition? Divorce requires that I get my Ex released from the loan, pay off the loan via refi or sale. I don't want to sell.
10K could get everything back to passable condition.
50K could get it to max value.
Loan balance w/ Citi Mortgage = 100k
Value after 50k reno = $275k
Value "as is" = +-180K ish??
Credit = 710
Income = 55K
Debt = 0
Reserves = 0
I would prefer to cash out 50K and do a nice job on the house. However, I will settle for anything that gets this resolved as I don’t want to risk losing the potential equity. (see Below)
4 years ago, DW and I got a divorce that was basic. She moved out with her stuff and everything else including the home was mine. Neither of us had any debt except for the home. Only stipulation was I was to remove her from the loan. (Which comes down to sell or Refi.)?
I have not heard from her till now with a legal filing that claims I am in contempt of court for not removing her from the loan or paying it off that I must answer within 30 days.
There is no refinance that you can get if the bathroom is photographed in that condition, except for a Renovation loan wherein renovation will be completed within six months of closing.
There is no refinance that you can get if the bathroom is photographed in that condition, except for a Renovation loan wherein renovation will be completed within six months of closing.
And new rules make appraisers photograph ALL bathrooms. Used to be we could "gloss over" a rough bathroom, but not any more.
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