Move My Realty - Real Estate News

Home-equity split turns ugly

October 19th, 2008 4:08 PM by Ron Mastrodonato

Q: My daughter bought a condo with a friend. She put down $40,000 and her friend put down $20,000. They are both on title to the home, but only my daughter is on the mortgage.

How much of the property would her friend be entitled to if she wants out of the deal? They bought the home for $300,000 with a $240,000 loan. Her friend never paid any money towards the mortgage or other expenses and is demanding $150,000. The home was bought four months ago.

 

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Posted in:General
Posted by Ron Mastrodonato on October 19th, 2008 4:08 PM

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