I Just Want To Sell My House
September 23, 2012 9:19 AM Subscribe
What are the U.S. mortgage regulations on giving a gift of equity to a non-relative?
posted by Athene to work & money (14 answers total) 1 user marked this as a favorite
Everything I've been able to find is old, but I've read that the family member restriction was lifted in 2007. I own a house that I currently have 40% equity in, and folks lined up who would like to buy it. I honestly don't care if I make a red cent on the sale of this house, I just want the note paid off and to be able to walk away for reasons that I'd prefer not to go into here. I would gladly gift the buyers part or all of my equity, and pay the taxes on it, in order to just move on (which is why equity gifting is more appealing to me than a land contract). I've talked to several mortgage agents, all of whom are apparently and sadly clueless. Has anyone done this, or happen to know the rules.