Posted by James Strange on January 09, 2003 at 21:36:43:
Seams to me that you have two chocies.
Get there name off of the property. But why would they quit claim off. If you asked me to quit claim off you had better have some cash with you.
Sell.
Equity loan to purchase investment property??? - Posted by Ponce
Posted by Ponce on January 09, 2003 at 14:14:28:
I have a property in NJ that I purchased with someone else. The property has at least 90k in equity in it. The existing mortgage is in good standing. I’ve attempted to take out an equity loan to pull some of the equity out to purchase additional investment properties however, I’ve run into a road block. According to all the institutions I’ve gone to I have to include the other party on the loan application, which is where the problem is. The other party now has terrible credit. I’ve considered doing a quit claim deed to remove their name from the deed in the hope to prevent a lien from being placed on the property by any of their creditors and also possibly permit me to take out the equity loan without their input. Can anyone offer any suggestions?
Re: Equity loan to - Posted by JEscobar
Posted by JEscobar on January 11, 2003 at 23:57:10:
Yes. You apply for the loan for a cashout of the equity and make an agreement to buy your partner out by paying them their share of the funds. You get $$ and they get $$ to avoid any disagreement in the partnership.
First, you need them off title to make this work. Take title in your name, and then refinance and you should be able to pay them their funds in escrow upon closing the loan.
Ask your lender to help you set this up.