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How can I assign part ownership in my house to a person who will pay part of the mortgage payments?

Behind in mortgage payments and bank repayment plan is beyond reach.  Can a quit claim deed be assigned to someone in exchange for the value of the mortgage arrears? 
  • October 14 2013 - Monroe
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Answers (6)

Best Answer

Printmaster,

You might want to consider a promissory note between you and the person loaning you the money.

promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. 

Talk with an attorney for guidance.
  • October 15 2013
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Profile picture for printmaster
Thanks to all for your comments and suggestions.  I am happy to say that just yesterday the bank involved approved a previously submitted loan modification request, which, fortunately, involves rolling the arrears into the mortgage, without any need for any upfront payments.  God Bless Capital One.
  • October 16 2013
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Profile picture for SteadyState
I am not a lawyer so use what I say with caution. Your best option may be to approach an attorney and draw up a contract between you and your benefactor that in exchange for $X per month the benefactor shall receive proceeds on the sale of the home based on the formula:
[Selling price] Multiplied by [(Sum of $X received by benefactor) divided by (sale price of home - closing costs)].

You may not need to add the benefactor on your title.
  • October 15 2013
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Profile picture for LisaGarmonhomes

Can the other person possibly qualify to buy it from you? Ask your mortgage banker about any programs they might have that can help you stay in your home. I wouldn't wait too long.

  • October 15 2013
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Profile picture for printmaster
Thanks, Wyona, for your prompt and informative reply.  We do not want to sell the property if at all possible.  Is it possible for the benefactor providing the funds to enter into a second mortgage agreement that will recovery whenever the property is sold?
Thanks again.
Printmaster
  • October 15 2013
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Printmaster,

A quit claim deed removes someone off the Deed or to clear a title defect. It does not release anyone from the mortgage obligation.

Depending on your situation, you have several options.  You can check with your bank to see if you can do a short-sale, HAMP loan, or Deed in Lieu of Foreclosure.  

Someone paying your loan for you does not give them ownership and putting someone on a Deed has nothing to do with the mortgage payment.

Talk to your lender to see what programs they have in which you might qualify.

Hope this helps.
  • October 15 2013
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