I OWN HALF OF A THREE FAMILY HOME. I WANT TO BUY OUT MY PARTNERS HALF. THE HOUSE IS APPREASED AT 650,000.00 AND THERE IS A MORTAGE OF 359,000.00 THAT IS ONLY IN MY PARTERNS NAME ONLY AND I PAY THE MORTAGE. HOW CAN I BUY HIM OUT? AND COULD I GET A MORTAG

There are a few elements of this question that are unclear, such as if this is a partnership in an investment sense or relationship sense, and if the intent is to conduct a buyout without the partner's involvement. If this property was purchased as part of an investment partnership, then hopefully there is a legal document spelling out how the investment can be disposed of, who gets what proceeds, etc. I'm guessing from the way that the question is stated - given that you pay the mortgage but the partner's name is on the mortgage/deed - that the arrangement is more informal as the current arrangement would seem to be one-sided from a legal standpoint (and not in your favor). My intent is not to offer legal advice, so you should consult with a lawyer familiar with your state laws and also try to conduct this transaction amicably. If your partner's name is on the mortgage/deed and not yours, you are unlikely to be able to legally get a new mortgage on that property without your partner's cooperation, but you should seek out proper legal counsel on this situation.

First, decide how much you are going to pay for your partner's share. Then, get a new mortgage for the appropriate amount. Your mortgage broker can step you through the process very easily.
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Maryann,
To repeat what entitledirect said, there are a several questions that need to be answered before anyone can really answer this question.

1. Do you and/or your partner live in the property? Or are the three units rentals?

2. Are you listed on the title of the property as an owner? You may not be on the mortgage, but it is possible that you are an owner of record. What percentage do you own?

3. Also, how much will your partner want for his share of the property? Depending on your credit, and whether the property is one that you live in or not - the answer will be different.

I would recommend finding a local loan officer, to assist you with answering these questions and determing what you need to do next.

Wishing you success. Kristen