Refinancing a Duplex after a Divorice

[James Cannon]

I purchased a Duplex in St Paul, MN in 2016 with my ex wife. We have been divorced for 2 years now and per our divorce I need to refinance or be forced to sell.

I’m wondering if anyone has any advice. This is my first rental property and I’d hate to have to sell it because it cash flows nicely and is in an up and coming area in Minnesota’s Capital city. My biggest concern with refinancing is my credit 640 and the fact that I am now a one income household and had a career change that makes me significantly less money than what I was making when we purchased the duplex ($64,000 per year vs $27,000 although once the rental is factored in it’s around $70,000). I’m in a tough spot and I’m hoping the BP forum can give me some advice. I’m not afraid to hear it straight so please let me know your thoughts. Thanks!