Will buying my ex-husband out of the house raise my house payment?

My soon to be ex-husband is leaving me and our two year old son. At first he told me that he was going to let me keep the house (sign a quit-claim deed) since he was the one "at fault". However, now he's not exciting about living in a one bedroom apartment and wants some money for the house. I'm really stretching it financially, and I want to know if buying him out with refinancing the house will raise my house payment?|||Probably.





Mary in Camden, MI|||That is all fine with you. Just tell your husband to remember that if he wants half of the house then he is responsible for all of the bills for it and for your child support until your son turns 19. After your son turns 19, then you can sell the house and divide the money equally. Up untill then he has to pay, if he faults on too many payments, then he will lose his half of the house. However, if he wants to save the time and bother of going to court, the lawyers fees and the court costs, and the cost of supporting you in your home, then you will gladly settle for the full title to the home and half of his money.|||Yes, it will probably raise it since your total amount owed on the house will be greater if he's pulling his money out of it.





This MIGHT not happen since interest rates are lower than ever right now, and refinancing could lead to a lower rate. But I would expect it to be higher. The more money that he's getting, the more you will owe on the house and that means higher payments and more interest most likely.





Then again, while refinancing you could explain you can only afford so much per month, so maybe they could set it up with the same sized payments. You really have to talk to the people at the bank to find out for sure.|||If the divorce isn't final this issue would be addressed in the property settlement. I know of a guy whose wife could live in the house until the youngest child graduated from high school then he had the option of buying her out if he wanted to. All sorts of arrangements are made when settling a divorce. Talk to your attorney.





If you chose to buy him out by refinancing your monthly costs will probably increase. Also, the interest rate may increase if your credit rating is not as high as his.