Community Answers

1. 

   1-3-11

   luisamapacha says:

   You can afford a house payment of about $ 1,500 per month – 30% of your monthly income. Any more than that and you’re asking for trouble.

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2. 

   1-3-11

   P J says:

   The 5K in the 401K you do not touch! You could qualify for about 150-200 K unless you want to put the entire 35K into the loan.

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3. 

   1-3-11

   PUB says:

   Use this calculator to see what payments will be. http://www.bloomberg.com/invest/calculators/mortgage.
   Know also, that owning a home has hidden cost,insurance, taxes, utilities, repairs. Please don’t forget the market will still be coming down.
   I suggest you wipe out the $ 8000 loan in advance, so you can have one less debt. I too, believe $ 2200 is to high of a burden. The lenders have there criteria, but usually 24% of income, and 35% of all debt.

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4. 

   1-3-11

   Stephen T says:

   He can’t just “put” you on it without your signature. What he probably did was put you as the beneficiary or recipient of the property should he pass away. I would call him and ask him exactly what he did.

   You’re not liable to accept any property from a deceased relative if you don’t want it.

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5. 

   1-3-11

   chatsplas says:

   The only way to get OFF title is by deed. You Quitclaim your interest in the home to your brother.
   HOWEVER, when your brother deeded the home to you, did he RECORD the Quitclaim deed? Doing so would have breached his mortgage. If your brother NEVER recorded the deed to you, merely destroying that deed should be enough.

   FYI Stephen: The sellers or grantors sign the deed, not the grantees or receivers of the interest.

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