Buying out of your mortage?

bigdill45 · Joined: 21 Mar 2008 Posts: 2 1.74 Dollars($)

Has anybody heard of buying out of your mortage for 10% of what you owe?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi bigdill,

Welcome to the forum.

I think you are talking about buy out situation. In that case you will be paid for the share of equity you have and you will quitclaim the property to him. And then he will refinance the mortgage on his name to relieve you from the mortgage obligations.

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Sat Mar 22, 2008 5:23 am Post subject:

the post is incomprehensible to me. if you are talking about giving 10% of the balance to your lender and calling it a day, bigdill; then that is simply a pipe dream.

if you are talking about something else altogether, you need to elaborate for any of us to make sense of the question.

Jeanette · Posted: Sun Mar 23, 2008 2:07 pm Post subject:

Hello BigDill45,

You didnt say whether you and your co-owner have a 'declaration of trust' which is a separate deed which people who own property as tenants in common are strongly advised to draw up when the property is purchased. I you dont and still want to buy out your housemate, then you both must agree on how much you shold buy out the mortagage for. Then you can do a quit claim and thn refinance in loan in your name.

Jeanette Smith
Mortgage Planner
Union Mortgage Group

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