Summary
Q: I am recently divorced, and our settlement was amicable. I was allowed to keep our house in Alexandria after refinancing to take cash out and buy out my husband. My mortgage balance went from $160,000 to $350,000. Because my income isn't that high, I needed to take out a "no documentation" loan.
It has been a little over a year, and I'm running out of money. The house is worth at least $700,000. Should I refinance the house and take more cash out? Please don't tell me to move because my daughter is well adjusted in school and in the neighborhood, so I need to remain here for the next two years, when she graduates from high school. Besides, there's nothing close by that I could afford anyway. My credit is excellent.See the full content of this document
Extract
Mom Hopes to Remain in House
A: Your situation is an unfortunate, but not too uncommon, dilemma. Being forced to relocate as a result of a divorce compounds an already stressful situation. Let me be brutally honest about your situation, and let's o...
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