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01-03-2006, 10:09 PM
| | Junior Member | | Join Date: Jan 2006
Posts: 11
| | | Equity questions
What is the name of your state? Delaware
A house was bought for 173,000
the first mortgage was for 164,350; was paid down to 162,650 (1 yr 4 mths)
Refi for 180,500... was APPRAISED AT (present market value) 225,000
I was given a sum from the refi of 9660.00; this was the amount of cash out after all the fees, etc.
OK, so IF I sign a quit claim....what should I be getting out of this whole thing? Isn't "equity" what you have paid off on a mortgage? Or does the market value come in to play?
Could someone please help me to understand, as I am supposed to be removed from the deed and want to know some facts first.
Thanks! |
01-03-2006, 10:13 PM
| | Senior Member | | Join Date: Feb 2005
Posts: 3,355
| | | Equity = "what its worth" - "what you owe" |
01-03-2006, 10:17 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: |
Originally Posted by woeisme What is the name of your state? Delaware
A house was bought for 173,000
the first mortgage was for 164,350; was paid down to 162,650 (1 yr 4 mths)
Refi for 180,500... was APPRAISED AT (present market value) 225,000
I was given a sum from the refi of 9660.00; this was the amount of cash out after all the fees, etc.
OK, so IF I sign a quit claim....what should I be getting out of this whole thing? Isn't "equity" what you have paid off on a mortgage? Or does the market value come in to play?
Could someone please help me to understand, as I am supposed to be removed from the deed and want to know some facts first.
Thanks! |
**A: if the property was sold what is the amount of profit after expenses?
That is the equity. |
01-04-2006, 06:17 PM
| | Junior Member | | Join Date: Jan 2006
Posts: 11
| | | ok, so if I were to sign a quit claim; I would be right in assuming I should get 1/2 of $44,500.00? If my math is right...It appraised at 225,000.00 and the new mortgage is 180,500.00...minus all the other fees, etc of course.
Next question....does it matter who has been paying the mortgage? Or who is on the mortgage? |
01-04-2006, 07:50 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: |
Originally Posted by woeisme ok, so if I were to sign a quit claim; I would be right in assuming I should get 1/2 of $44,500.00? If my math is right...It appraised at 225,000.00 and the new mortgage is 180,500.00...minus all the other fees, etc of course.
Next question....does it matter who has been paying the mortgage? Or who is on the mortgage? |
**A: yes, that is part of the negotiation...... |
01-05-2006, 12:42 AM
| | Senior Member | | Join Date: Feb 2005 Location: Elgin, IL USA
Posts: 1,089
| | | Read the mortgage. It likely says something to the effect that if any of the parties of the mortgage assigns their rights to the property securing the loan to any other entity, the loan becomes immediately due and payable. So the transaction may require refinancing by whoever ends up owning the property. |
01-05-2006, 08:27 PM
| | Junior Member | | Join Date: Jan 2006
Posts: 11
| | | Thanks to all the info...I will do some reading |
01-06-2006, 10:15 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | Do a lot of reading and then some. | |
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