Compare Mortgage Quotes

Guest

I am in a home that has 110K of equity. The house has a 1st $329k and 2nd $136k for a total mortgage of $465k. The home is apprised for $575k with an established equity of $110K. The payments are 1st $2,600 and 2nd $1,147 for a total of $3,747 that include taxes & insurance. Now my question is, can I quick claim half of the home ownership and mortgage so that I can share 1/2 of the payments. In addition what are some of the concerns for the seller and buyer? Should I run a credit check in this economy, someone may have a great job but poor credit due to a divorce. And with a down payment of 1/2 the equity $55k, I need to know how to proceed with a contract that benefits both parties.

Thanks in advance!
Robert

jameshogg · Posted: Tue Feb 08, 2011 11:25 pm Post subject:

Hi Robert,

You can sign a quitclaim deed and transfer a portion of the property to someone else. However, in order to transfer the mortgage, you and the new owner will have to refinance the loan. While refinancing the loan, the lender will check your as well as the new owner's credit and income.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Quick Claim to Share Payments

Helpful References

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1