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How would you tackle this?

Anonymous
Posted by Anonymous
  • 7 Replies
I've been divorced for a year and am in the process of refinancing my home. After waiting 2 months to hear anything, I got a call yesterday that someone is coming to appraise the house on Tuesday morning first thing (8 am). I know the house is going to appraise for more than the mortgage -- it was purchased 8 years ago as a foreclosure, was fixed up/new appliances, etc -- but because I only have one year of income, I (think - if I'm wrong, please correct me!!) I have to have 50 percent equity in the house to qualify (Freddie Mac loan). This in and of itself shouldn't be an issue (the house already appraised a year ago at double the mortgage and home rates have gone up in my area a lot lately), but I am still paying off legal fees from the divorce -- and when my leech attorney found out about the refi, he put a lien on the house so I'd have to pay him out (even though my contract was for monthly payments). So on top of everything else, I need to make sure the appraisal comes out to be an additional $30,000 over, to cover double the $15,000 in fees I still owe.

The home has $110,000 mortgage, and I owe $15,000 for fees. So that means the house has to appraise for $250,000, right?

Has anyone had their homes appraised recently? Suggestions for how to maximize the value? Everything is clean, freshly painted. Carpet in one room is older and the floor in the den isn't in great shape (it's not like rotting through, but cheap floors and there used to be an above ground pool so the former owners were in and out wet - some peeling up corners, etc.
Posted by Anonymous on May. 30, 2016 at 12:51 PM
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Replies (1-7):
left.drowning
by Fix Me on May. 30, 2016 at 12:52 PM
No clue at all
. Bump
Posted on CafeMom Mobile
AllofFive19
by Emerald Member on May. 30, 2016 at 1:04 PM
No idea. Bump.
quickbooksworm
by Ruby Member on May. 30, 2016 at 1:38 PM
Not sure how Freedie Mac works but from an accounting perspective a lien doesn't take away from the value of the home or equity you have in it.
Americanwoman3
by Gold Member on May. 30, 2016 at 1:44 PM
I'm clueless but here's a bump.
Anonymous
by Anonymous 1 - Original Poster on May. 30, 2016 at 2:46 PM
I guess the title company says the lien has to be paid when the mortgage is refinanced? So it would have to be cash taken out on top of the loan amount...

Quoting quickbooksworm: Not sure how Freedie Mac works but from an accounting perspective a lien doesn't take away from the value of the home or equity you have in it.
quickbooksworm
by Ruby Member on May. 30, 2016 at 2:50 PM
Ok I thought you meant the lawyer was liening the house after the refi. So yeah he will have to be paid first and it will definitely have some impact. Since you're already on a payment plan you might ask if he will roll it over since you're doing a refi. He may or may not, depends on how much of an asshole he is.

Quoting Anonymous 1: I guess the title company says the lien has to be paid when the mortgage is refinanced? So it would have to be cash taken out on top of the loan amount...

Quoting quickbooksworm: Not sure how Freedie Mac works but from an accounting perspective a lien doesn't take away from the value of the home or equity you have in it.
Anonymous
by Anonymous 1 - Original Poster on May. 30, 2016 at 4:01 PM
Huge. We settled out of court and when we went through medications to determine debts, etc, he kept telling me the $10,000 I'd already paid was all he needed. Then when the settlement was drafted, he said we were all set (legal fees were worked into the buyout I had to pay my ex and equitable distribution - he should have been clear that I'd have another bill since he represented me for a whopping 3 weeks). The morning we went into court to ratify the agreement, as we were waiting to stand up before the judge (in the courtroom) he pulled out a bill that I hadn't ever seen before for an additional $15k and told me I had to sign for its validity before the judge called us. I didn't even realize that was legal!

Quoting quickbooksworm: Ok I thought you meant the lawyer was liening the house after the refi. So yeah he will have to be paid first and it will definitely have some impact. Since you're already on a payment plan you might ask if he will roll it over since you're doing a refi. He may or may not, depends on how much of an asshole he is.

Quoting Anonymous 1: I guess the title company says the lien has to be paid when the mortgage is refinanced? So it would have to be cash taken out on top of the loan amount...

Quoting quickbooksworm: Not sure how Freedie Mac works but from an accounting perspective a lien doesn't take away from the value of the home or equity you have in it.
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