Posted on: 17th Feb, 2008 08:24 am
i bought a house with a friend two years ago and now i want out. the house is worth $130,000 less than we paid and the is $129,000 in negative equity. i am willing to walk away and she wants me to sign a quit claim deed. i know there is no way to refinance and we are looking at drawing up a legal contract about the terms of the transfer. my question is can i even sign a quit claim with the mortgage in my name? and can the bank make the loan due right away? any other legal implications i should know about?
thanks,
sarah
thanks,
sarah
Sorry, I forgot to say that we are both on the mortgage. Everything has been 50/50. Thanks, Sarah
The mortgage and title are separate. Your friend will have to refinance in his name only to pay off the mortgage you both hold.
Real estate is a long term investment. Your best bet is to hold the property until the market returns, which it will eventually.
Real estate is a long term investment. Your best bet is to hold the property until the market returns, which it will eventually.
