Hello. I'm going to keep this really simple and keep out the relationship details. Thank you in advance for your input!
I currently hold three mortgages.
Property 1: owe 90k, putting on market for 130k roughly $800/month in expenses
Property 2: primary residence - owe 68k@ 4.125% My payment is $730/month and I put an additional $175 towards the principle each month.
Property 3: being sold to ex. roughly $1350/month in expenses
I do not hold any other debt excepting a vehicle loan with an outstanding balance of 15k @ 1.9% over 3 more years. I will probably sell this car and buy something different once the divorce is final. I owe right around the average selling price for the car.
The court decided my ex gets house 3, so she has to refinance or pay off within 90days. That puts :$1350/m back in my pocket. Selling house #1 will put another $800 back in my pocket. Plus, I should be walking away from the closing table with a tax free check for around 25k (ish) after closing fees and etc.
Should I put the 25k lump sum directly to principle on my current mortgage and look to get free and clear and debt free on the house or should I look to a safe investment that allows me to have immediate access to the money should I have a job issue? I really want to be mortgage free, but I understand having a positive net worth is essentially the same result. Ive got about 20k in the bank and recovering $2150 a month in expenses will certainly help, provided my employment status does not change. I have been stable as I have had the same job for 13 years, but sales is a fickle career.
In case it is helpful, I am planning to be in this house for around 4 years and then will look to sell and move. My primary residence was built in 1992, sits on a full 0.5 acres with a fenced yard and is in one of the best school districts in the county which overall is a good county system. There is massive home growth in the area and most are in the 250 to 400k range.
Submitted April 16, 2018 at 03:53PM by throwingit_all_away https://ift.tt/2HHYUoc
