I am wishing to move away but have recently entered in to a mortgage with a friend. We have had it for 5 months and also have an extra loan on top which will still be out standing and there will not be enough equity in the house to clear this. I do not want any profit from the property, just to have the easiest, cheapest get away.
2007-05-16 23:21:23 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
may have to sell the property - as you are committed to
help pay for it - but with the extra loan
you may be STUCK!
2007-05-16 23:24:39 · answer #1 · answered by tom4bucs 7 · 0⤊ 0⤋
You can't just walk away from your debt. How are you planning on paying it back to your friend? Do you have someone else to assume the loan? Even if you do, I am not sure your friend has to accept it. I think this is why they say never do business with a friend. Doesn't sound like you thought it out much. How generous of you -you don't want any profit. I seriously doubt that after 5 months you have any, unless perhaps you are the Clampets and they have found oil under your property just this last month. I am thinking that you are sounding like a it of a scoundrel. You sound like a man going though a divorce! I want the cheapest and easiest get away. You can not force your friend to sell either!! And it takes both signatures!! I hope your friend goes to see a Real Estate Attorney ASAP. Another case of Karma. You did not mention one bit of concern for your friend or wanting it to be fair. Only your pitiful comment (ops joke) about not wanting any profit. 5 frickin months!!!! For such a big decision!!??
I wouldn't worry, you will get what is coming to you. Thinking of moving? Out of the country I hope. We have our fill of selfish bums here. Get your passport ready would ya!
2007-05-16 23:50:52 · answer #2 · answered by susie 3 · 0⤊ 1⤋
Contact the mortgage company and find out if they will allow your friend to take over the mortgage by themselves. There are a few different ways this can be accomplished. Different lenders have different options available. Your friend will probably need to be able to qualify for the entire mortgage payment on their own though. If they can't do that then you're stuck on the mortgage until they can.
If it turns out you have to stay on the mortgage for a while until they can take it on themselves have an attorney draw up an agreement between the two of you. You'll need to come up with the terms that go into it but it is possible to have your friend agree that you are not responsible for the mortgage payment. This won't help you with the bank if they get themselves into trouble but it will define between the two of you how things will be handled until they can take over the mortgage themselves.
2007-05-17 05:45:50 · answer #3 · answered by mycornerofbrickheaven 3 · 0⤊ 0⤋
You do not 'get out of a mortgage' simply. Even if your friend agrees to accept your quit claim deed, or any other document transferring ownership of the property, you will remain responsible for the mortgage jointly until the mortgage is retired fully.
Your lender (money source) has control of the mortgage document and decision to remove you. I have yet to see any scenario where a lender will do such a thing.
2007-05-17 00:05:17 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Dude, there is no easy way out, unless your roomate, aka your joint tenant in common, unless you give them consideration to compensate the other party for your interest in the property, or they don't care if they are held completely responsible for all debts incurred via the property and let you out for a dollar and a quickclaim deed (which, if they were good with this they would have bought the property alone and charged you rent) you are stuck until you settle with your tenant in common, your roomate or sell the property and satisfye any mortgage and/or note held in your name.
good luck iwth that
2007-05-16 23:42:40 · answer #5 · answered by Wendy B 2 · 0⤊ 1⤋
Only way to do this is to make your friend refinance solely on his own, or sell the property.
Do NOT sign a quit claim deed without either a refi or sale.
2007-05-17 07:23:14 · answer #6 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
if you are not married . the other person can refinance give your portion and get quit calim at closing and he/she will hold entire mortgage. but if there is no equty you would nee to sell as an option
2007-05-20 15:21:22 · answer #7 · answered by afriendinflorida 1 · 0⤊ 0⤋
never ever do business like investments with a friend. could be difficult. you could loose shirt and a good friend
2007-05-20 19:02:44 · answer #8 · answered by tennessee 7 · 0⤊ 0⤋