Quote:
Originally Posted by PegCityFlamesFan
I'm proud of you for having 10k plus in the bank.
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I guess he may be suggesting (though he could have done it more nicely I suppose) that it's probably not the strongest financial decision to commit to that kind of debt without having such a reserve handy. If you use up whatever equity you have in the property (remember the realtor is going to take a big chunk if you're forced to sell for financial reasons in the future), you're really hanging yourself out there in terms of financial risk.
Have you considered selling it together? She'd have to eat her share of the transaction costs if you did and you might end up better off. Sucks not to be owning something I know, but you should ask yourself what is truly realistic.
Just remember the financial institution isn't going to be thrilled in the first place. You're taking a name off the mortgage, taking away income (I assume) all while decreasing the equity in the property.
Have you also ensured that you qualify for the mortgage payments on your own without the second income?
Just some considerations... I don't mean to sound mean, just suggesting some things to think about!