Quote:
Originally Posted by LuxLiving
What would happen if you put the house on the market at a decent price for today's conditions, while your soon to be ex continues to make payments w/a goal to refi after two months or three months? If it sells okay. If not, you can still be pursuing the refinancing angle.
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I just thought of something. Are you legally free to sell the house currently? You did say it was in your name, so I'm assuming you are, unless there are terms of your agreement that say otherwise.
Just to give you some additional numbers, let's say you walk away with $350,000. You can currently get about 4% on that money, but let's be conservative and say 3.75%. In a year, that will earn you over $12,000 in interest. You can use that interest to pay your rent, so the first $1,000 each month would be taken care of. You'd only have to come up with the difference plus all of your maintenance would be taken care of and your utility bills would be a lot smaller.
Moving is emotional and a pain in the butt. I dread the day we have to leave our home. But as others have said, sometimes you need that short-term sacrifice for the long-term good.
BTW, thanks for the compliment, Lux.
ETA: My mom's situation is different than yours but worth mentioning. She is widowed. Their home was paid for. Still, between taxes, insurance, utilities and maintenance, she was spending a fair amount to live there. She sold the place a year ago and moved into an apartment in a very nice senior complex. She invested the proceeds from the sale and that now generates more in interest per month than she pays in rent, so she's basically living free. Trust me. It is not a bad situation to be in.