If you want to keep the house yourself, you should consider refinancing into your name only and have your friend quit claim off of the deed and into your name only. In this current market though, you'll need a good real estate appraisal to assess what the current value is. Many homeowners are upside down (owe more than what the home is worth) due to value depreciations. If this is the case with your home, you would not be able to refinance as the value would not support the amount of loan that you need to payoff the existing loan. I hope this isn't the case for you, but you need to assess what the true value of the home is.
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Submitted 569 days ago...
What is the best way to buy the house?
A friend and i bought the house.we are both on the deed.he wants to put the house on the market.i asked him how much he wanted the house wouldnt bring much more than that as a profit after the morgage was paid off.what is the best way to try too keep the house for my self?
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