Posted on: 18th Jul, 2010 03:27 pm
my boyfriend & i bought a 4 bedroom home on 17 acres & half of a 6 acre lake in eastman,ga. i am not on the loan but he gave me a quit claim deed for 50% ownership. what can i do? can i get a loan or sell my half? my credit isn't great, so i don't know what to do? the little place i bought in florida is falling apart-i need a new a/c put in & some roof repairs.-thanks if you can give me some advice!!!!
Hi johnmcalhany,
You won't be able to take out a mortgage solely on your portion of the property. You'll have to use the whole property as a collateral in order to secure the loan. However, as you don't have a good credit, it won't be possible for you to secure a mortgage. But, if you wish, you'll be able to sell off your share of property and use the sale proceeds for home repair.
You won't be able to take out a mortgage solely on your portion of the property. You'll have to use the whole property as a collateral in order to secure the loan. However, as you don't have a good credit, it won't be possible for you to secure a mortgage. But, if you wish, you'll be able to sell off your share of property and use the sale proceeds for home repair.