Divorce house paid off and on the market husband wants to buy my 12 out?

Penny
Why do lenders request to wait 6 months after the house has been removed from the market? My house is paid off and has been paid off for 10 years.Can't my X just say his is buying my half opposed to a refinance? I'm not understanding. If I was looking for a house I could buy it immediately - but for him to cash me out will take 6 months.HELP - I can't find anything on the internet.

Brett
Look from the lender's perspective. I work for a lender so I can describe our side.These days people are trying to sell their houses and they're sitting on the market for years and not selling. So people take it off the market and do a cashout refinance- pull out all the equity from their house- and then never pay it back. It's happening A LOT lately.So we have to put the 6 month rule in place to give us some sort of certainty that you're going to stay in the house and not just cashout the equity and run to Mexico. Trust me- we've had at least two cases of borrowers moving to Mexico in the last year, even after the 6 month date passed.In order to buy your half, your ex is going to have to take out a mortgage unless he has a bunch of cash laying around- so you're going to have to wait. Only extremely sleazy desperate lenders would let you take a cashout refinance when your house was just on the market.It makes a lot of sense if you think about it and try to rationalize lenders and their guidelines in this horrible housing market.

Crystal
To get you off the loan papers and deed for the house, it will take a new loan. A refinance with the same bank means you will stay on the paper work and responsible for the loan.I can not possibly think of a legitimate reason for a six month wait. Try another bank. In six months the value may drop again and be below the finance value.You are at a disadvantage here because your husband will have to be the one calling the bank and making the loan since it will be in his name only.I suggest you tell him to get the ball rolling and start calling other banks, or you are going to get your half by taking out a second mortgage against the house and he will get to make the payments or loose it.

Doreatha
I have never heard this. Is this a standard question lenders ask? I don't recall it.But if this issue cannot be resolved, I suggest renting someplace cheap for a year, and spend the time looking at homes and going to open houses - getting to know neighborhoods and the market. And saving money. After a year you will know the market, maybe even have your eye on a place, so you will be able to jump on something you like... with confidence. Anyway, just a thought...putting a positive spin on waiting...But the key is to exhaustively check with lenders to make sure there is no alternative.

Cordell
You need to find another lender. You will be able to get this done! I am a broker in MI IN & MN.