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Will a legal contract be enough to protect you if you sell a house that is not in your name or on the deed in order to get half the equity?
Wiki User
∙ 12y ago
I'M NOT AN ATTORNEY, THIS IS NOT PROFESSIONAL ADVICE.
You can put just about any agreement into the form of a contract. So yes, you could make an agreement, and have it written and executed as a contract, with the owner of the property, under which you would receive half the equity when the property is sold. Of course, you can't do this unilaterally, the owner would have to agree and sign the contract before the sale. Don't take a chance on trying to write this up yourself. Have an attorney do it.
AnswerThe distribution of real property is regulated according to state laws where the property is located. If the issue pertains to property belonging to a deceased's estate or a person who is incapacitated it absolutely cannot be done. The person(s) who own the house (those who are on the title) must agree to the sale of the home, must sign and have notarized the title and all documents needed pertaining to state law. Also before the house can be sold a title search will be needed to assure the property is clear of any encumberances.Wiki User
∙ 12y ago
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Can you file Chapter 7 and keep your house and car?
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
Can the equity be used as a down payment?
Equity can only be used as a down payment in limited cases. Close relatives are able to "gift" equity in a purchase, thus eliminating the need for the buyer to bring cash. E.g. A Mother can sell her son a house worth $100k for $80k buy having a purchase price of $100k with a gift of equity of $20K. This in effect is a down payment. Without doing this it would essentially lower the market value of the house to $80K. The appraised value or market value of a house is its purchase price. The argument is that if it was worth anymore it would have sold for that price. So in most cases there can't be equity in the house when purchased because its value is what you paid for it. A second example of where equity can be used to "purchase" a house is with a Land Contract. Technically the house is purchased at the signing of the land contract, however no loan is put in the name of the buyer. After a year or more if the house appraises for more than the agreed land contract price. When the buyer takes out a loan on the property. The "equity" in the property belongs to him and in effect is his down payment.
If only one person in the household is working can they garnish that person's wages for a voluntary repo and can they take your house if you have equity?
Only if that person is on the contract cosigner etc. and no they cant take your house.
What types of equity release options are available?
There are a number equity release options available. The most common is one that gives the owner of the house a large sum of money, for a contract that hands over the ownership back to the bank, once that said person dies. Their are also time lapse equity releases. These work by signing a contract, reiciving a lump sum of money, and releasing the property to the bank once the time has elapsed.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
If your house is repossessed due to a secured loan and there is not enough equity to pay the loan what then happens to the secured loan?
You will be liable to pay the debt outstanding.
What can you do if you have givin the deed to a house to a person who you have a contract with and has not paid you any monies toward the house as per contract you are in the state of California?
If the buyer executed a mortgage in your favor then all you need to do is foreclose on the mortgage and take possession of the property. If the money due to you from the sale is not in the form of a mortgage in your favor then you will have to take your chances suing the new owner in a court of equity for breach of contract.
How can one calculate how much equity they have in their house?
One can calculate how much equity they have in their house by using an online home equity calculator. Both Chase and MSN Money offer a home equity calculator that can be used for free.
Does the equity in a house add up from yourself and the previous owner and can you get it after you sell the house?
Your equity in your house is the difference between what the house is worth, the fair market value, and how much you owe on it.
What is equity line of credit?
An equity line of credit is issued based on the amount of equity you have in your home. If you have a $100,000 house and owe $75,000 then you would have $25,000 in equity.
Where can one find information on home equity in Florida?
Home equity is something a homeowner builds in his house. When a person buy a house, they make payments on said house. Then over time, naturally a property becomes more valuable. So when a house is bought and you live there for 10 years you build equity in the house. To find out about equity in Florida, contact a Real Estate agent.
What are equity realease schemes?
Equity release schemes are also called lifetime mortgages or reverse mortgages. They allow someone to take money out of the equity paid into their house and the house goes to the bank when they die.
