Looking for some creative financing idea from the experts!
Looking for some solid ideas for a win-win situation.
In 2012 I bought my first home while engaged. We paid market value and did some minor work (diy kitchen reno, converted bedroom to formal dining, new flooring in partially finished basement, landscaping). 1 year later we split up and I still reside in the house. We are co-owner and co-financed. Now we are looking for ways to separate financially but I am not sure I want to give the house up.
Details:
FHA appraisal (2012): 165,000
ARV in 2012 was: 180,000
Comps are hard to come by and the values have slightly declined since I've been here (now comps are: 160,000-170,000)
Loan balance: 153,000
PITI: 1135
Rent Comps: 1300-1400
I dont think I would have a problem with renting or lease option this property at all. The problem is needing to remove my "ex" from the situation. I could buy him out for under $5K, but I know he wont sign over the deed until the mortgage paid in full and I really don't want to go refinance in my name just to get around this because I want to avoid all unnecessary costs.
Can anyone advise on a wraparound mortgage in this situation to free up my ex to go buy another house? Will it work considering I am on the original loan also? I would really, really reall like to leave the existing financing in place as it is a great rate and an FHA loan that wont carry the PMI forever like the new ones.
Please anyone and everyone...Help a girl out!
Sub-2, subject 2, wraparound, creative financing, lease option, contract for deed, existing financing