Can I Refinance And Turn The Title Over To My Friend?
I am trying to get rid of my apartment complex(10 units) that I am still paying a mortgage on. I have becamen quite ill and can not manage it any longer. To get out quickly, can I just refinance and turn the title over to a friend or even a relative. I was thinking more so to turn this over to my friend. Or anyone that is interested!!! please help. Thank you
You might want to consult an RE Attorney to find out if this the best route for you to hold title. You'll want to figure out how you want the the title to be held under right of survivorship.
Where is this property located ? I may be interested in hearing more about your situation. Please send me a private message or email (see my profile for email address).[ Edited by kaaathi on Date 08/19/2003 ]
Where is the property? We may be interested/able to help. Shoot us an e-mail/or phone call.
I'm assuming the point in you refinancing would be to cash out on your equity. You have a couple of options but I would suggest the refi and then construct a wrap around mortgage for your buyer/friend where this mortgage would wrap around the existing mortgage in place. I would even charge a percentage higher and pocket because you will still be exposed and ultimately responsible for the loan in case of default or late pays.
You can sell it to them and have them get a 75% LTV loan and carry 25% of the price.
Easy for them to finance, easy for you to get your money and some cash flow.
what state are you in?
If you haven't already, you may want to consider posting your property here on TCI website. It only takes a few minutes, and will give your property exposure to those interested.
Good Luck!
Good Day,
I have found a seller already.
Thank you. This is the place to be.
Also post your property in the TCIRealty area.
If you are really interested in turning over your property send me a private message.