OfflineHello. My name is Andre'. My neighbor is laid off. She makes $200 dollars a week. Her mortgage is $1250 a month. She owes $96,000. The house is valued at $179,000. She has equity. Her name is the only one on the mortgage. She wants to stay in the house but wants me to buy her half of the deed. Now. Here is the kicker. Her live in boyfriend has abandoned her. He left her to alone with all the mortgage payments and utilities etc...She has tried to talk to him but he says he'll just let the bank take it. He is on the deed. Not the mortgage. The next major problem is that she does not know where he is or how to find him. He has completely abandoned her. She wants to sell me her half of the house. But what would I do with his half? The other problem is she wants to stay after selling me her half. I do not know how to handle this. She is going to lose this house if I don't buy it. And her ex boyfriend doesn't care because he's not on the mortgage. But he's gone for good anyways. She can't find him.
Andre'
WOW im no expert but this sounds like a messing situration. yes thats a good question what would you do with his half? plus shes wanting to live their after you purchase her part? it sounds like shes a good friend of yours and everything put before i get my self into anyting, especially if you're intended for this to be an investment i personal would seek some legel advice before i jump into something that would come back and be a big pain to you.You do want to help people but in the mean time you've got to be wise in your descisions.
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
I would definitely seek legal advise on this. I would think if the other party is on the deed, you may be able to buy her half, then you will have a controlling interest in the property. At that point you might be able to foreclose on him, maybe I am thinking of another process, which will then give you sole possession of the Deed. The other problem is letting her still live there, not a suggested practice unless you have the ability to take a loss and maybe even go through the eviction process.
She can't sell me the house without his approval. Correct?
What would you do with half a house that the other person lives in?
How much does she want for the other half?
I don't see how this is a wise investment until she leaves and you sell. When will that be?
When you figure this stuff out, then seek legal advise.
Michael Mangham
MD Home Acquisitions LLC
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