Will I be able to stay in my house?
If you want to stay in the house, you will need to get your spouse to agree to it, and you will need to buyout your spouse’s interest in the house. Unless a Disclaimer DeedA legal document that once signed at the time of purchase by a party waiving all interest to real property current or future. This is commonly signed in a marriage when the parties buy or refinance a home and take the loan out in just one spouse’s name because the other spouse…Read more about Disclaimer Deed has been signed, your spouse is entitled to half of the Net equityThe difference between the value of the asset and what is owed on the asset plus any closing costs. It is generally synonymous with equity. Frequently, a divorcing couple is ordered to split the net equity. For example, if they owe $300,000.00 on the home and sell it for…Read more about Net equity in the home. To figure that out, you need to how much your home is worth and what is owed on the mortgage (in some cases, a home EquityEquity is a principle that permits the Court to apply certain principles in order to achieve a just and fair result. The applications the Court may employ are called equitable defenses. Arizona’s family law courts are courts of equity. Atkinson v. Atkinson, 405 P.2d 919, 921…Read more about Equity line of credit or a LienA legal claim made against a debtor's property. Generally, this comes in the form of a judgment that is then recorded on property the debtor owns. For example, if a judgment creditor gets a judgment of $10,000.00 in child support arrearages, and the judgment debtor owns a home…Read more about Lien on the home may impact the net equity). For example, if your home is worth $400,000, and there’s $200,000 left on the mortgage, the Net equityThe difference between the value of the asset and what is owed on the asset plus any closing costs. It is generally synonymous with equity. Frequently, a divorcing couple is ordered to split the net equity. For example, if they owe $300,000.00 on the home and sell it for…Read more about Net equity is $200,000, and you will need to pay your spouse $100,000 to buy out their interest. In most cases, you will need to show you are pre-qualified for a refinance. Most lenders can work with you to include the buyout as part of the refinance.
