My wife wants to buy out my share of equity and keep a home we purchased with my VA loan. She is a cosigner on the loan. She wants to hold the house for up to 5 years while she tries to refinance. I thnk this time limit is unreasonable and I also want to modify the loan to release my liability. Any advice? Thank you.
Generally the spouse keeping a house also needs to keep the mortgage. Your wife would need to refinance the mortgage and would need to do so by a certain time (in order to limit your financial liability on a house you no longer reside in). Typically the window to refinance is 90-180 days, depending on the facts of each particular case. Sometimes a longer time period of 1 or 2 years is necessary, again depending on the facts of each particular case.
Either way, 5 years is excessive without some extenuating circumstance.
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