45 K to Buy Out My GF

Summary: I had a divorce 3 years ago during a chapter 13 bankruptcy I was paying on. My girlfriend lent me the 45k to get the ex off my back and I added her to the deed of my condo.

So now:

I need $45,000 to buy out the co-owner/GF of my home.

This condo is worth at least $150,000 and has no liens or mortgages on it currently.

I was on a chapter 13 bankruptcy and that was paid off and discharged August 12 of 24.

My FICO scores are currently between 683 and 720. Depending on the agency. I make approximately $85,000 a year gross.

What is the best way to get a loan in this scenario?

It seems no one wants to do a mortgage for less than 100k. I need some help! PK

Take the loan for 100k, pay her back and pay the rest back to the loan. Boom.

Hale said:
Take the loan for 100k, pay her back and pay the rest back to the loan. Boom.

Yeah, but how do I get the loan in my name only when her name is on the house too? Is that possible? That’s what I am uncertain of. If I had it all figured out, I wouldn’t be here.

@Laken
Yes it is possible and actually very normal. Married couples do this all the time, one will be on the loan and both on the title.

Oli said:
@Laken
Yes it is possible and actually very normal. Married couples do this all the time, one will be on the loan and both on the title.

So she just has to approve of my taking the loan. Then I sign over and quit claim her name off?

@Laken
Correct, she would sign a quit claim deed at closing.

If you have 100% equity then I’d look at a HELOAN. It’s a home equity loan where the lump sum is wired at closing versus the typical draw period of a HELOC, since it’s not a line of credit. Rates are not bad and the LTV on this would give you better pricing on top of that. What state? I just did one of these with Spring EQ for a client where we consolidated all of her debt into a single payment and pulled equity for her to purchase a new roof.

Edit: can do loans this small at Spring since they specialize in these products. The last one I closed was $70,000 which no other lender really will touch.

Heloc, heloan or personal small loan from bank

Lendy Wendy

Do a home equity loan for what you need and then pay that back as quickly as possible.

Storm said:
Do a home equity loan for what you need and then pay that back as quickly as possible.

This is what I’d do. See if title company draw up paperwork to remove her from deed.

Storm said:
Do a home equity loan for what you need and then pay that back as quickly as possible.

Can’t with chapter 13

Rowan said:

Storm said:
Do a home equity loan for what you need and then pay that back as quickly as possible.

Can’t with chapter 13

Probably can. Been years since filing with a completed ch13, not a fresh ch7 discharge.

Rowan said:

Storm said:
Do a home equity loan for what you need and then pay that back as quickly as possible.

Can’t with chapter 13

OP said it was discharged.

What kind of terms are you looking for?

You need an FHA mortgage. Call a broker or retail lender. Leave your bank or credit union out of this.

Ben said:
You need an FHA mortgage. Call a broker or retail lender. Leave your bank or credit union out of this.

FHA is not an option in the community.

Did she already agree to $45K buyout? If she did, she isn’t very smart. Her half of the condo is worth $75K, that’s what it should take to buy her out.

Macon said:
Did she already agree to $45K buyout? If she did, she isn’t very smart. Her half of the condo is worth $75K, that’s what it should take to buy her out.

She will take 40 really. But she wrote the check for 45 and I just want to get her off the deed (for my homestead) and get her the money back. We are still together. You don’t have to be stupid to be kind.

@Laken
Oh I love the kindness aspect. You should definitely give her the 75K then since her 45k invested for 3 years is certainly worth at least 75K but most likely more. You should be kind and give her what she’s owed which is the 75K. Preaching kindness is much easier than acting on it.

BTW I think a potential solution is get a mortgage for the 150 give her whatever and then invest the rest and use it to pay your mortgage.

@Macon
Why not $80k? Or $100k?