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Old 06-01-2021, 07:36 PM
mqhfx mqhfx is offline
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Insurance has provided both of us with living expenses for the first six months and if required another 6 months. They have also provided us both with emergency funds in the beginning to replace much needed belongings. I got a call from insurance saying that they provided her with the costs etc to rebuild the home and what the actual cash value payout would be and she said ok I agree to the cash buyout, I informed the insurance that we havent even discussed it so no decision is made yet.
She seen these numbers and is in the mindset that she should get 50% of the cash payout and 50% of the land value and 50% of the total contents payout once finalized.

Here are the numbers approx
I bought home in 2009 for $227k
Balance paid to my mortgage company was $209,779.11 from the new mortgage that was refinanced with girlfriend in 2015 for $232k

Insurance has stated that cost to rebuild which they will do is $682,033.09 or Actual Cash Value they would pay out would be $436,369.36 minus the land cause they do not cover the land. These numbers are certainly inflated due to the market and cost to build these days.

Mortgage of $224k plus over $5k penalty would be paid to bank first with remainder been split between us but we would still own the land. She then says I have to sell the land because she feels I don't deserve it even though I owned it yrs before she was involved.

At refinace the bank appraised the property at $278k

Do I tell insurance I don't know what to decide yet, try get her to agree to something reasonable and let insurance cover expenses for a bit longer.

All she did was use her better credit then mine and sign, now this mess.

So with what she wants it would be $100k her share of the payout, plus 50% of the contents and said she wants $50k for the land then she will sign it over to me. I am not in the position to refinance to pay her plus there is no house there right now so the bank wont.

If I rebuild and still have a mortgage for $224k, the appraised value of the new home will have some significant increase in equity that I assume she would get to share in. ugghhh so frustrating, thanks for your input
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