Open Question: How does a spouse "buy out" of the marital home when you owe more than the house is worth (no equity)?

Right now I am paying $1233 a month for a 30 year fixed on a $142,000 loan. 6.75% interest. After my first year, I am going to re-finance to have the PMI removed (I'm paying about $116 a month bec/ of PMI). My home has just appraised at about $176,000, so the PMI is ok to be taken off. So lets say that $116 a month is dropped off, but I want to pull out $10,000 to $15,000 in equity. How much would that change my monthly payment?? Thanks everyone

Open Question: What happens when a condo goes into receivership?

I live in an condominium complex that is currently in debt, with little reserves and not enough equity to even get a loan. The place is falling apart becasue we don't have money for repairs. One option brought up is to go to court and get a state appointed receiver. What exactly does that entail?

Open Question: How does a spouse "buy out" of the marital home when you owe more than the house is worth (no equity)?

Husband & I refinanced our home 1.5 yrs ago to pay off his college loans & our joint credit card debt. We qualified for a "110% loan," leaving us with no equity. Plan was to not sell for quite some time. However, we're now divorcing.

1st mortgage = $160k, 2nd mortgage = $50k ($210k total).
Home's current value is ~$170k. Husband accepts responsibility for debt from his college loans ($42k). He also agrees that I get $10k "credit" for original down payment which came out of my personal savings. I will probably stay in the home for a few years; it's not in our best interest to sell now given the $ situation & housing market. Based on my assumptions & calculations, to "buy him out" he actually owes me $72k. Correct? Lawyer recommends not refinancing & leaving husband's name on mortgages so he feels more pressure to pay, or me refinancing with parents cosigning to reduce payments but then husband has no financial responsilibity to mortgage company, only to me. Recommendations??

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