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07-14-2005, 09:02 AM
| | Member | | Join Date: Jul 2005 Location: CA
Posts: 79
| | | Need Help with Refinancing debockle
What is the name of your state? i live in PA and the property is in CA
my brother and i jointly own a property in LA. i am buying him out. the value of the 8-unit is 1,500,000. there is a current mortgage of 480,000.
i am refinaning my equity and getting a new loan for 750,000 and buying him out he walks away with approximately 253,000 from this first mortgage. i am paying him monies outside of escrow to make up the difference.
The problem is with the escrow--->> how is escrow supposed to set it up? i am having the hardest time ( we are delayed 2 weeks already just because of escrow )
since i am buying him out and taking on the encumbrence of the mortgage he is selling to me his ownership for 253,000.
the transfer of Deed has to occur concurrently with my obtaining the refinance. |
07-14-2005, 10:15 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by sefnfot What is the name of your state? i live in PA and the property is in CA
my brother and i jointly own a property in LA. i am buying him out. the value of the 8-unit is 1,500,000. there is a current mortgage of 480,000.
i am refinaning my equity and getting a new loan for 750,000 and buying him out he walks away with approximately 253,000 from this first mortgage. i am paying him monies outside of escrow to make up the difference.
The problem is with the escrow--->> how is escrow supposed to set it up? i am having the hardest time ( we are delayed 2 weeks already just because of escrow )
since i am buying him out and taking on the encumbrence of the mortgage he is selling to me his ownership for 253,000.
the transfer of Deed has to occur concurrently with my obtaining the refinance. |
**A: get a mortgage broker or attorney to help you. Good grief. |
07-14-2005, 10:40 AM
| | Member | | Join Date: Jul 2005 Location: CA
Posts: 79
| | | i have an attourney and the brokers, my brother has his attorney and accomodators. the escrow is making it more complicated than it should be. |
07-14-2005, 11:02 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by sefnfot i have an attourney and the brokers, my brother has his attorney and accomodators. the escrow is making it more complicated than it should be. |
**A: sorry to hear that. Now get your attorney to straighten things out or get a new attorney. Somehow there is more to this story. |
07-14-2005, 03:35 PM
| | Member | | Join Date: Jul 2005 Location: CA
Posts: 79
| | | the escrow that i am using to refinance is not cooperating our only option is for my brother to quit claim his ownership and for me to handle the sale outside of Escrow. this is causing added confusion but seems the only way to be done.
but there must be a standard way of completeing such a purchase where i use my equity to purchase 1/2 of a partner ownership. | |
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