Trying to move on

[ClingingToHope]

Another shoe is falling -- perhaps. W called. She put in for a refinance on our primary mortgage. They are seeing if they can refinance it just in her name. The mortgage rate would fall from 6.25 percent to 5 percent, so it's a smart move.

We tried to refinance it together last year but were turned down because the value had fallen from $132k to $125k and we owed $125k after refinancing in 2007 to pay for flood repairs.

I sincerely doubt she'll get approved. She said they'll run the numbers to see if they'd refinance with both of us.

The house is a money pit. It has a crack running along the ceiling. It has a leak in a wall. The ground is giving way between the house and the garage. It has a massive dead tree that needs to be cut down and hauled off.

Last year, before I moved out, I made a list of things that needed to be fixed or improved so we could sell the place. It was something like 27 separate items.

The real estate market is not going to rebound for another 18 months -- too many foreclosures on the market. She would have to put $5,000 to $10,000 in to try to sell it for a profit and I still don't think she will.

I've got a call into my attorney. My gut feeling is that if she can refinance on her own, great. Get my name off that property because I think it will sink her financially.

If she needs me to refinance though, I'm not sure what to do.