What strategy can I use for a divorcee, spouse wants to remain

[Eddie Starr]

The guy is going through a divorce, and he and his sons want to keep the house, due to a lot of good memories.

He's wanting to refi, but his credit is bad. A bank has offered 11% and 4 points. He wants to explore options.

House is worth about $340,000.

I have to pay my wife off about $110,000 (I'm guessing from what the house is worth, and the divorce lawyer is putting in for?)

The mortgage on it right now is $133,000.

I need a total loan of $243,000 which leaves about $100,000 in equity. I do also own the one acre lot next to my house now that's worth about $35,000.

I make enough money it's just I have terrible credit score.

On that last point, my scores are good (between low 700 to about 750), but the money isn't as high on my side.

Should I do a HML, where he pays all related costs, and he can then refi in 1 - 2 years, and pay me off? Should we "partner up?"

Thanks for your ideas!