Hello everyone,

This might be a lengthy post so please hang in there. I am a divorced male in late 40's with a job that pays in high 40's. I was married about 6 months ago and the wife makes approx. 30 thousand.

My question:

I need some advice pertaining about what to do in regards to buying a home the wife already had.

The home is valued at about $160,000. The original mortgage on the home is $135,000 and there is a second mortgage on the home for $24,000. We would like to stay here in the home. Currently her ex is still on the mortgage and second mortgage and we would like to refinance the home. The second mortgage is at 11% and the mortgage is at 6%.

We currently have the following debt:

Car loan $9,000 payoff
Credit debt $5,500
Personal loan $3,000

My credit rating is excellent whereas the wifes right now is not so good however is on the road to recovery. I guess I should probably try to qualify for the morgtage based only on my credit scores in order to get the best percentage.

We both like the house very much and want to figure out what to do soon. I especially want to reduce the percentage on the second mortgage being at 11%.

Based on the information given, is it wise to keep this house? We have about $10,000 that we can put on the house and those proceeds are from a home that I recently sold. I also have about $21,000 that I could take from a retirement account. (I have about $110,000 total in that account).
I will also have a state pension upon retirement. Right now retirement is at least 13 years away.

Please give your advice.

Thanks