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a party wants to give me a house. how do i get a mortgage to cover amount still owed.

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May 27 2010 - US
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Profile picture for hpvanc
I would think the 1st step would be to determine if the house is worth the balance owed.  Then contact an attorney with real estate and tax experience.
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May 28 2010
Profile picture for wetdawgs
You need to get professional advice on this one.   Tax ramifications may be significant with such a gift.

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May 28 2010
Profile picture for Georgia Loans
You need to talk with a CPA first to see what the tax ramifications could be for both of you. Do you plan on living in this home? Are you related?
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May 28 2010
Profile picture for donnaschulze
Contact a local real estate attorney
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May 28 2010
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Call a lender at Bank of America, Wells Fargo, or Chase. an 800# is provided on line. Talk to a mortgage professional and provide them with as much detail as possible.

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May 28 2010
 

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