Updated almost 5 years ago on . Most recent reply
A Real Stickywicket....
A good friend of mine is in a failed marriage situation in California. After 12 years of being together, the husband decides he doesn’t want to be married anymore. The house they own has a mortgage in the husbands name. Both names are on the deed.
here’s the down and dirty on the house:
Mortgage— 434k
ARV—- approximately 650-675k
Mortgage is current
my friend needs to stay in the house for the sake of her 5 kids
She owns her owns her own nail salon/spa which is mostly a cash business
Her credit score is 600ish
Because she is not a w2 employee she will have a difficult if not impossible time getting a conventional loan.
she has asked her ex how he needs to walk away from this mess and he said he wants half the equity.
How can I help my friend keep her house and pay off her ex without conventional financing?
Thank you in advance for your suggestions and ideas.