Posted on: 08th Feb, 2011 06:09 am
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. Also I have no late payments for 5 years and a great credit score above 700 with a 2009 year 1040 adjustable gross income of 50K. Are their any 4 1/2% fixed rate loans that I can qualify to reduce me 1st & 2nd Payments. Just looking for my options.
Thanks in advance!
Robert
Thanks in advance!
Robert
The term is 'quit claim'. You need a real estate attorney in your state to answer these questions.