Posted by Ed Garcia on October 19, 2000 at 18:40:01:
For starters, it sounds like we say “Quick Claim” and most of us pronounce it that way, but the term is “Quitclaim”.
Secondly, if the house is valued at $75,000, a cash out, on a none owner occupied would be about 80% LTV which is $60,000 and about what is owed on the house. You haven’t penciled in loan cost and the fact that it’s not seasoned.
I think if you want a little deal and all you have to do is take it over, go for it. But I don’t want to see you fool yourself in the process.