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Ex-spouse owes her a house
Ex-spouse owes her a house
Ask Dr. Don by Don Taylor, Ph.D., CFA • Bankrate.com Dear Dr. Don, I currently own a home in Gulf Breeze, Fla. I owe $103,000 and the value of my home is $225,000. From my divorce court order, I am to buy a piece of land and the ex-husband is to build me a house and pay for all expenses. I am looking to buy land in my home town of Santa Cruz, Calif., which is very expensive for land. I plan to never live in the new home -- just sell it and use the profit for other investments. Can I get a loan for bare land? Please let me know ASAP so I know what my options are. Thank you. -- Marion Mansion Dear Marion, Getting a loan for a piece of land isn't all that difficult, especially if you plan to build a house on the property in short order. An earlier Dr. Don column has a lot to say about borrowing to finance land. I searched the Multiple Listing Service listings for lots in Santa Cruz County, and saw lots priced anywhere from under $100,000 to more than a million dollars. I get the impression that a home equity loan against your house in Gulf Breeze isn't going to buy much more than a down payment on a land loan for the lot that you want. As I understand your letter, the ex-husband pays for the house that will be built on the property. I hope he's paying cash, because financing the home is the bigger issue here. If his name in on the mortgage, your name is on the deed, and a lender has a lien on the property, all three parties are taking a pretty big risk. There has to be a simpler approach to the terms of this divorce decree than what your attorneys have cobbled together with this deal. Between the real estate commission, loan fees and taxes, there's a lot of financial slippage in your getting a home built in Santa Cruz just to sell it for the money. -- Posted: Aug. 8, 2005 http://www.bankrate.com/nltrack/news...20050808a1.asp === "In a world where more than 10 million americans live with cancer -- we believe unity is strength, knowledge is power, and attitude is everything!" -- Livestrong, by Lance Armstrong |
#2
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Has this troll poster done anything original in his entire life?
Then again, I don't want to hear about it if he has. |
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