Compare Mortgage Quotes

Posted: Fri Nov 13, 2009 8:52 am Post subject: Buyout

I asked this question before and didn't get what I was looking for. I am on a deed to a property with someone else. They want to buy me out. I am not involved in precurring the loan. What do I need to look for in the loan docs that will assure me the the lender will wire me the money directly after the refi has gone through? I don't want to rely on this person to hand me the cash after the refi has gone through. Is there some agreement that needs to be submitted to the lender?

smithsussane · Posted: Sun Nov 15, 2009 9:02 pm Post subject:

Hi Guest!

Welcome to forums!

As you are not on the loan, I don't think you will have to sign any agreement with the lender. Moreover, the lender will not come after you if the loan in past due. You'll have to sign an agreement with the co-owner of the property so that you can safeguard your interest. You can draft the deed from an attorney who would put in the required terms and conditions in the agreement.

Feel free to ask if you've further queries.

Sussane

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

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Buyout