Home buying thread

  • Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!



    Go here and give us your nominations!
    Who's been the biggest Asshat in the last year? Give us your worst ones!

Lanx

<Prior Amod>
65,951
150,254
I'm in SoCal and don't carry earthquake insurance. I live in a pretty nice neighborhood and the online quote I just got from Geico was for ~$1300/yr with a 15% deductible (~$75k). IMO this is an insurance product looking for customers. If the risks were high enough that the policy works in your favor, the mortgage issuers would force you to carry it like they do for wildfires. While I absolutely understand hedging against catastrophies, I don't see how this is worth it when you need to experience a once-a-century or rarer event to exceed the deductible (unless your house is somewhere stupid or badly engineered).
it was probably created for banks, no mortgage approval w/o earthquake insurance... here use our list of providers, wink/wink
 

Kriptini

Vyemm Raider
3,682
3,574
News on the earthquake insurance front: it's relatively inexpensive for me to get earthquake insurance to cover my own dwelling, but as part of the regulations of my HOA, members will be assessed for any common area damage that isn't covered by the HOA earthquake insurance policy... and since now that policy no longer exists, members would be assessed for all common area property damage, which includes damage to the exteriors of units that I don't even own. To add loss assessment coverage onto my personal earthquake insruance would cause the annual premium to be $784... much cheaper than the $2,000 from the scam the HOA is referring people to but it's still totally unreasonable for me to have to start paying $784 annually out of nowhere.
 

Tmac

Adventurer
<Aristocrat╭ರ_•́>
10,027
17,087
News on the earthquake insurance front: it's relatively inexpensive for me to get earthquake insurance to cover my own dwelling, but as part of the regulations of my HOA, members will be assessed for any common area damage that isn't covered by the HOA earthquake insurance policy... and since now that policy no longer exists, members would be assessed for all common area property damage, which includes damage to the exteriors of units that I don't even own. To add loss assessment coverage onto my personal earthquake insruance would cause the annual premium to be $784... much cheaper than the $2,000 from the scam the HOA is referring people to but it's still totally unreasonable for me to have to start paying $784 annually out of nowhere.

Sue 'em.
 

Sludig

Potato del Grande
10,037
10,706
Not really anything in my immediate future of concern, but anyone know anything about mortgages with 2 people on the loan, and if one person bails. Be it divorce or whatever.

Is there any kind of refi to keep same terms due to "life event" or whatever vs a standard refi.

I'm good now, but for a while wife who hates it here was threatening moving back w/ out me. I can carry my mortgage/bills alone, but not if I go from 3% or whatever it is to 8%
 
  • 1Like
Reactions: 1 user

Jysin

Ahn'Qiraj Raider
6,490
4,502
If it came to that worst case scenario, wouldn't the wife want her half of the house equity anyway? Can't navigate that without a re-mortgage unless you have the cash on hand to buy her part out.
 

Burns

Avatar of War Slayer
7,540
14,829
Not really anything in my immediate future of concern, but anyone know anything about mortgages with 2 people on the loan, and if one person bails. Be it divorce or whatever.

Is there any kind of refi to keep same terms due to "life event" or whatever vs a standard refi.

I'm good now, but for a while wife who hates it here was threatening moving back w/ out me. I can carry my mortgage/bills alone, but not if I go from 3% or whatever it is to 8%
I don't think you need to refi to remove a name off the loan, but it would be a legal issue, where she could demand/be entitled to half in order to sign the papers.
 

Sludig

Potato del Grande
10,037
10,706
If it came to that worst case scenario, wouldn't the wife want her half of the house equity anyway? Can't navigate that without a re-mortgage unless you have the cash on hand to buy her part out.
Just moved here a year ago not all that much equity, but she could be bought out of it from our excess shared funds from original home sale etc.
 
  • 1Like
Reactions: 1 user

Sanrith Descartes

You have insufficient privileges to reply here.
<Gold Donor>
45,084
122,671
Not really anything in my immediate future of concern, but anyone know anything about mortgages with 2 people on the loan, and if one person bails. Be it divorce or whatever.

Is there any kind of refi to keep same terms due to "life event" or whatever vs a standard refi.

I'm good now, but for a while wife who hates it here was threatening moving back w/ out me. I can carry my mortgage/bills alone, but not if I go from 3% or whatever it is to 8%
Banks dont give a shit what divorce courts say. If more than one name are on the note, then both are responsible until it gets refinanced removing names. Not to be the bearer of bad news but if the wife bails and stops paying/contributing, you are still on the hook.
 

Sanrith Descartes

You have insufficient privileges to reply here.
<Gold Donor>
45,084
122,671
I don't think you need to refi to remove a name off the loan, but it would be a legal issue, where she could demand/be entitled to half in order to sign the papers.
This isn't correct. Banks dont remove someone from a loan responsibility because of things like divorce. The debt is the debt until its settled. Names on a title can be adjusted, but the debt note is something else entirely.
 
  • 1Like
Reactions: 1 user

Sanrith Descartes

You have insufficient privileges to reply here.
<Gold Donor>
45,084
122,671
Just moved here a year ago not all that much equity, but she could be bought out of it from our excess shared funds from original home sale etc.
Te equity stakes can be decided between you, but the mortgage still needs handled with the note holder. The big question is can your income handle a new mortgage without the wife's income? If not, do you have family that could co-sign a new note with you?

Ownership of the house and the note on the house are two very different things.
 
  • 1Like
Reactions: 1 user

Sludig

Potato del Grande
10,037
10,706
Banks dont give a shit what divorce courts say. If more than one name are on the note, then both are responsible until it gets refinanced removing names. Not to be the bearer of bad news but if the wife bails and stops paying/contributing, you are still on the hook.
Being on the hook is fine and what I want. Qualifying ought to be OK solo especially if I ditch a car.

the only question was anyway to assume the debt, even having to qualify solo etc, that didn't mean tripling my interest
 

Burns

Avatar of War Slayer
7,540
14,829
This isn't correct. Banks dont remove someone from a loan responsibility because of things like divorce. The debt is the debt until its settled. Names on a title can be adjusted, but the debt note is something else entirely.
...
Ownership of the house and the note on the house are two very different things.
Ah, right. I was thinking title, not loan. Would it even matter if she is still on the loan though, as long as she is not on the title? Are there even any legal means to force someone to take a new loan, as long as they buy out the others equity in a divorce?
 

Sanrith Descartes

You have insufficient privileges to reply here.
<Gold Donor>
45,084
122,671
Being on the hook is fine and what I want. Qualifying ought to be OK solo especially if I ditch a car.

the only question was anyway to assume the debt, even having to qualify solo etc, that didn't mean tripling my interest
You can ask the note holder, but in all likelihood they will want a new note drawn up. They have no real incentive to allow a lower interest note to continue to exist if they can get a new one with a higher rate. Also keep in mind most likely your mortgage may have been sold multiple times by now as many mortgage companies dont hold mortgages to term but bundle and sell them for cash to keep writing new mortgages.
 

Sanrith Descartes

You have insufficient privileges to reply here.
<Gold Donor>
45,084
122,671
Ah, right. I was thinking title, not loan. Would it even matter if she is still on the loan though, as long as she is not on the title? Are there even any legal means to force someone to take a new loan, as long as they buy out the others equity in a divorce?
Most of this has probable been covered many times in the divorce thread (I dont read it, so guessing). It is one of the biggest fuck you of a divorce. The courts can declare anything, but banks and loan holders tend to not care. They only care about getting paid and the more names on the note, the more chances they continue to get paid. Also, keep in mind most lein holders will object to someone being removed from a title if their name is also on the note. For the reason i mentioned in the previous sentence.

Probably not what you want to here, but the most likely solution to your issue is the buy the house from her and refinance. My suggestion would be to use the fact that the increased interest rate of a new note is going to cost you "X" and demand that that increase in cost be offset by lower the value of her share of the home equity. So if her "half" of the home equity is $100k, tell her she only gets $75k or so since you are having to absorb the higher interest rate and new closing costs. If she "really" wants to leave badly enough, she might be willing to take a significant haircut to just be gone.

ps.. Sorry this is going on for you. Shit like this is a terrible situation.
 
  • 1Like
Reactions: 1 user

Burns

Avatar of War Slayer
7,540
14,829
Most of this has probable been covered many times in the divorce thread (I dont read it, so guessing). It is one of the biggest fuck you of a divorce. The courts can declare anything, but banks and loan holders tend to not care. They only care about getting paid and the more names on the note, the more chances they continue to get paid. Also, keep in mind most lein holders will object to someone being removed from a title if their name is also on the note. For the reason i mentioned in the previous sentence.

Probably not what you want to here, but the most likely solution to your issue is the buy the house from her and refinance. My suggestion would be to use the fact that the increased interest rate of a new note is going to cost you "X" and demand that that increase in cost be offset by lower the value of her share of the home equity. So if her "half" of the home equity is $100k, tell her she only gets $75k or so since you are having to absorb the higher interest rate and new closing costs. If she "really" wants to leave badly enough, she might be willing to take a significant haircut to just be gone.

ps.. Sorry this is going on for you. Shit like this is a terrible situation.
He said she got used to it, and isn't thinking about leaving anymore, but it got him thinking.

There is a guy down the road that had it happen though. He bought the property, started building, and she said fuck the country life, then filled for divorce. So the build got put on hold. Shitty situation all around.
 
  • 1Like
Reactions: 1 user

Sludig

Potato del Grande
10,037
10,706
Most of this has probable been covered many times in the divorce thread (I dont read it, so guessing). It is one of the biggest fuck you of a divorce. The courts can declare anything, but banks and loan holders tend to not care. They only care about getting paid and the more names on the note, the more chances they continue to get paid. Also, keep in mind most lein holders will object to someone being removed from a title if their name is also on the note. For the reason i mentioned in the previous sentence.

Probably not what you want to here, but the most likely solution to your issue is the buy the house from her and refinance. My suggestion would be to use the fact that the increased interest rate of a new note is going to cost you "X" and demand that that increase in cost be offset by lower the value of her share of the home equity. So if her "half" of the home equity is $100k, tell her she only gets $75k or so since you are having to absorb the higher interest rate and new closing costs. If she "really" wants to leave badly enough, she might be willing to take a significant haircut to just be gone.

ps.. Sorry this is going on for you. Shit like this is a terrible situation.
It's not going on but was a risk in the past and I'm not leaving it to fate if it happens again just want to be informed. last we spoke at all in earnest about it she was just going to let me take over payments. But that's assuming it stayed an amicable split. obviously an issue if she goes to buy something of her own but in the Colorado market and these rates she's not going to get much on 80k even if she puts the about 100k shed have on it.

She still hates it here but has at least become more accepting, sees sobe of the positive
 
  • 1Thoughts & Prayers
  • 1Like
Reactions: 1 users

Burns

Avatar of War Slayer
7,540
14,829
It's not going on but was a risk in the past and I'm not leaving it to fate if it happens again just want to be informed. last we spoke at all in earnest about it she was just going to let me take over payments. But that's assuming it stayed an amicable split. obviously an issue if she goes to buy something of her own but in the Colorado market and these rates she's not going to get much on 80k even if she puts the about 100k shed have on it.

She still hates it here but has at least become more accepting, sees some of the positive
All she is probably seeing is small town Oklahoma, but yall are only like 3 hours from the Ozarks, and bitches love the Ozarks. Rent a boat or do things in Branson. Missouri also has some neat caves that are easy to tour. I have only been to Merrimac caverns and the Mark Twain cave, but there are higher rated ones, like Fantastic Caverns.

A weekend trip to Ft. Worth, to take in a show wouldn't be bad, bitches love shows (5 hour drive on 69 is... interesting). If you want to go with fancy accommodations, the Gaylord is on the north side of DFW, so ~30 min shorter.

Living rural wont really pay off until the crime rate spikes too much to cover up, by messaging the numbers, in the big cities. Then her old city friends will start complaining on the Facebook.
 

Sludig

Potato del Grande
10,037
10,706
All she is probably seeing is small town Oklahoma, but yall are only like 3 hours from the Ozarks, and bitches love the Ozarks. Rent a boat or do things in Branson. Missouri also has some neat caves that are easy to tour. I have only been to Merrimac caverns and the Mark Twain cave, but there are higher rated ones, like Fantastic Caverns.

A weekend trip to Ft. Worth, to take in a show wouldn't be bad, bitches love shows (5 hour drive on 69 is... interesting). If you want to go with fancy accommodations, the Gaylord is on the north side of DFW, so ~30 min shorter.

Living rural wont really pay off until the crime rate spikes too much to cover up, by messaging the numbers, in the big cities. Then her old city friends will start complaining on the Facebook.
Funny enough her ass can't swim but it's on our to do. Working on getting a modest pool. She wants to take nieces to white something amusement park in 2 weeks but it's 4 hours and a bit much for a round trip day trip imo. We have hills and lakes but I would like to go see the Ozarks myself though we almost have to go singly due to the farm.
 
  • 1Like
Reactions: 1 user

Jysin

Ahn'Qiraj Raider
6,490
4,502
Funny enough her ass can't swim... would like to go see the Ozarks...
Think I found the solution to your divorce problem.

Jason Sudeikis Seriously GIF by Apple TV+
 
  • 1Like
Reactions: 1 user