1. X acquires a home for a mortgage of $90,400. The home is appraised at $120,000. Giving X $29,600 in equity.
2. X lives with Y since the acquision and each pays half the amount of monthly mtg payment.
3. 2 years later, the mtg bal is $86,874. Home is appraised at $185,000. Equity in is now $98,126.
4. X and Y refi together. Y has a $49,700 debt that got refi'd into the mtg. Mtg bal is $148,000-equity, $37,000.
5. Shortly after, an equity loan is taken out for $27,730 that benefits X.
6. 1 year after the 1st refi, a 2nd refi is accomplished to consolidate. The mortgage before the consolidation was down to $145,888 and the appraisal is at $270,000.
7. The new mortgage is $182,000 with an appraisal of $270,000. Equity is at $88,000.
8. 2 years later, X & Y want to disolve the agreement.
If they sell, how much equity (%) should each recieve assuming home is sold at $270,000.
If one buys the other out, how much would X pay Y? Y pay X?
2007-03-25
15:38:42
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2 answers
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asked by
dawniemich
1