Married And Never Lived With Spouse

Married And Never Lived With Spouse

A few days ago I was driving in my car, flipping through the radio stations, and stopped on a talk radio show which caught my attention. The woman on the line was asking the show’s host, Dave Ramsey, for some financial advice. She had been married almost a year, but had never lived with her husband, who had to relocate to a different city, because she could not sell her house. She had purchased the house back in 2007, right before she met her soon-to-be husband, and right before the housing bubble burst. She now found herself to be underwater – her house was worth less than she owed on it. She wanted to know if he thought that she was better off doing a short sale, or trying to get a $10,000 loan to make up for the difference when she sold the house. I found Dave Ramsey’s advice to be obnoxious. “Who cares!” he exclaimed. He went on to hassle the woman about having lost a year of marriage “which you can’t put a price on…” His advice was to do anything, whatever it took, to get rid of the house and move in with her husband.

I really wish that instead of going off on a rant, he would have asked the woman more specific questions about her circumstance. Was the couple able to continue making two house payments (or a house payment and a rent payment)? Would she even qualify for a (more than likely) unsecured loan for the $10,000 difference? Had she consulted REALTORS® to be sure that she was only $10,000 underwater, and not more?

Yes, in certain circumstances, it may be your best option to take out a loan to pay off the difference in the house value and your mortgage amount. In other situations, especially where there is a financial hardship, you may want to explore other options. If you would like to avoid a Michigan foreclosure, give Emily a call. She’s been through this before, and can let you know what your options are. And, if your best option is a short sale, the good news is that we can help!


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