Buying a home

[fun_tun]

Need advice. Landlord has offered to sell me half of house for only amount owed on the loan. What do we need to do? I would need to fiance app. 12,500. Texas residents. Don't want to refiance if we don't have to. THanks in advance.

[texone]

Need advice. Landlord has offered to sell me half of house for only amount owed on the loan. What do we need to do? I would need to fiance app. 12,500. Texas residents. Don't want to refiance if we don't have to. THanks in advance.

Sell you half of the house? Is it a duplex? If not, I don't understand. If you don't want to refinance it into your name, the only things you can do is take over his payments or come up with the cash to pay him the full $12.5K. Does he/she ahve any equity? If so, are they willing to walk away from it in order to let you take over the payments on their loan and deed you the property or do they want to work out some sort of payment arrangement for the amount of equity they want to take out?

[fun_tun]

he's willing to walk away from equity on single family home. Just wants to make me an owner too. Lived with him for 7 plus years. Wants to protect me in event of death, etc. Just need legal paperwork done, but i would need to borrow dollars. :o

[texone]

he's willing to walk away from equity on single family home. Just wants to make me an owner too. Lived with him for 7 plus years. Wants to protect me in event of death, etc. Just need legal paperwork done, but i would need to borrow dollars. :o


If he just wants to make you an owner too, why take out a loan? Why not just file a new deed with both of your names on it? By doing that, you become part owner in the property. If you feel compelled, or he's insisting on you paying him some amount of money, you can take out a loan to pay him or pay him in monthly installments, whatever amount you agree upon until it's paid in full. If you want to formalize that, you can sign a promissory note for whatever amount y'all agree on and then have him sign a release when the debt is paid off.

[bankrupcyus]

You need to speak with a lender....his advice will give you the proper help....Thanks for sharing the problem...