Mortgage and Divorce

[Shockedhusband]

My wife and I are getting a divorce, however we are in a real bind with the mortgage. We owe more than what the house is worth, which is pretty standard these days. The only way I can get her name off the mortgage is to refinance or sell the house. I called about getting refinanced under the government refinance program but with all the stupid crazy rules we can not refinance under that option (trust me I spent three hours on the phone with multiple mortgage lenders) We could possibly to a traditional refinance but we would have to come to the table with close to 35,000.00 or we could try and sell and stand to loose about that amount if not more.

 

Does anyone have any suggestions as to what I could do

[GorillaTheater]

I'm just throwing an idea out there, don't know how much merit it has:

 

Enter into a written agreement whereby she quitclaims her interest in the house in exchange for a cut of the equity (half or less) when you sell (presuming that you eventually sell at a profit)?

[LisaUk]

Ok, this might be a bit of a crazy suggestion, but could you take in a lodger (roommate) to help with the morgage repayments, either buy your wife out that way (this is what a friend of mines mum did some years ago) or if your wife is willing to wait until the market picks up, pay her the rent from the lodger to finance a rental for her?

[BUENG1]

I'm just throwing an idea out there, don't know how much merit it has:

 

Enter into a written agreement whereby she quitclaims her interest in the house in exchange for a cut of the equity (half or less) when you sell (presuming that you eventually sell at a profit)?

 

You can't do that unless the lender agrees and I think thats the problem.

[Shockedhusband]

We are currently looking into short selling the house, that seems to be our best option right now that way we will both be free and clear of any mortgage obligations