Buy Out of Mortgage...Need respone quick

gauss79us · Joined: 16 Nov 2005 Posts: 1

Here is my situation.

My cousin and I own a home recently valued at 205,000. The mortgage payoff balance is 182000. My cousin has agreed to buy me out, as I need to move and she wants to stay in the home. We have put the same amount of money into the home from the beginning, so everything is 50/50. What is the standard method of dividing the equity. We are at a great disagreement. She has been told by a family friend who is an agent to deduct a 6.5% commission off of the 205000, but there are no agents involved, only her needing to re-fi for a new mortgage. I do not think she has been advised properly or is attempting to gain from this transaction. Please advise quickly as time is of the essence.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

Please provide the following foreclosure property information in this order.
State the foreclosure home is located in:
Mortgage balance:
Value of property:
Foreclosure sale date:
When was the last time you made a mortgage payment?
Or you currently employed? How long have you been at your current job?