Posted on: 26th May, 2009 04:58 pm
My fiance and I are purchasing my marital residence from my ex-husband. I am using my half of the profits from the sale of the house as a down payment to purchase the house from my ex-husband along with a mortgage to make up the difference in price. Is this considered a gift of equity even though I am both buyer and seller?
from what you have stated above, i would think you would just refinance the mortgage into your name solely or adding your fiance and completely removing your ex-husband from the mortgage and deed. there should not be a need to "sell" the property. simply refinance the mortgage. i hope this helps...
James,
I think she needs to purchase the property beause she is splitting the equity with her ex husband. However, she MAY be able to do what you suggested if the LTV is low enough to allow for a cash out refi so she can pay off her ex.
I think she needs to purchase the property beause she is splitting the equity with her ex husband. However, she MAY be able to do what you suggested if the LTV is low enough to allow for a cash out refi so she can pay off her ex.
