Posted on: 30th Aug, 2012 07:55 pm
i am partners in a home, my partner wants to buy me out but there is no equity and we still have a loan balance. how do i come up with a valid number and then get myself off the loan.
You may be able to refinance under the HARP 2 program. If you have no equity, but you have made payments on the property, then you should try to get the partner to reimburse you of the monies you put into the property. Since you have no equity to divide, you are basically paying for something for X amount of time, and will get nothing out of it, while your partner will have your money accounted for in lowering the principal balance or helping with the down payment, or closing costs...
