How to get a possible investor/buyer to take possession of my home & pay the mortgage until they can sell?
My home is over 194K; I refinanced, w/ the help of my best friend. The loan is now over 212k, the house has been apraised for 230k. As of 6/2008, their will be 40k of equity available. I would like for an investor/buyer to take possession of the home, continue to pay the mortgage and give me 30k, leaving them w/10k of equity. I will give them gift of deed & they can sell or rent out the home. We refinanced in 6/2006, so if the house is sold before 6/2008 than a 2% penalty will apply. I wil move out as soon as the investor agrees to my 30K and contracts are signed. I do not wish to have any further compensation. The 30k will help for relocation of myself & family & paying off debt. The real estate agent that originally sold me this home stolel 20K from me; Atty fees & closing cost was put into the new loan. The mortgage is 1500 monthly, this was fine, but my hrs @ work have decreased & I before it gets critical, I would like to be out of the situation. Is option possible? Thank you.