Need help with a sticky situation

[Edwin Perez]

hello, my name is Edwin

14 years ago about a house with my ex-girlfriend. I was forced to do a quit claim deed on the house and gave all the rights to her. I was young and stupid and didn’t realize anything about investing or real estate. Fast forward now the situation that i have is that she has missed two monthly payments. after talking to some lawyers, they said I don’t have many options since I did a quit claim deed. The only option they said I have is to connect with the lender and try to get preapproved to buy her out of the house. Offer her half of the equity of the house and see if she’s willing to sell the house to me. The remainder mortgage on the house it’s 55K the value of the house on Zillow right now is between 400K and 500k. The house still needs some stuff to be done like the roof It’s damaged and needs a new one and also the property had two houses on the lot and the small house in the back had some foundation problems which I think she never ended up fixing so I was thinking of offering her 150K to 200K. If I’m able to get this property, I’m gonna make it a renter property. My question is what type of loan should i be looking for? Or loan that I could qualified for with a low 600 credit score?

[Ken M.]

Quote from @Jules Aton:

Interesting I didn't know you could quitclaim your rights away. I'm surprised this wouldn't trigger a due on sale. Regardless I suspect she will want the full value. I hope it works out differently but this might just be one of those life lesson things that suck. 

Yes, Quit Claiming is a daily occurrence in the real estate world.

It basically says you give up all rights to the property. It affects ownership only, does not affect the debt. You are still responsible to see that any debt you signed for originally is still being paid.

It's truly a "life lesson things that suck."

He should have consulted an attorney.

Buying a "a house with my ex-girlfriend" is very different than buying a house with a wife.