Hello i’ve lost a lot of money recently and i cant make payments on my ocean property. theres still 600k dollars left on the loan the condo is worth 550k dollars now. does anyone have a solution that can save my credit?
Arthur
I was invited to an open house by a broker. It was more of an investment property. This is what the broker told me about the property:
1*** Unionport Road, $119K, CC $543.33, tenant paying $940
The tenant that lives in there is renovating the apartment himself. Does this sound like a scam or am I viewing this wrong? The broker advise me if I am interested, the property could be mine but the tenant included and she will lower the price to $114,000. What do you guys think?
Christopher
Would the lender Litten put a lien on my primary residense for the unpaid balance or would I get a 1099? Also what is a 1099, is it money you have to pay back as a gain when it is clearly a loss to the government?
Maurice
Is it better to take a HELOC? Loan from an investor? If so, how do I find one? What ultimately will keep me away from the 10 percent interest the mortgage broker is trying to set me up with?
All good answers. Given what you have all collectively told me, I’m getting ripped off….because I have good credit and good income. I already own one home (with good equity) and I have plenty of liquid assets.
Ella
from getting a mortgage loan for a house for myself to live in? I cureently live in an apartment and the Investment property I have was the first home I ever purchased. I have an opportunity to get more investment properties to add to my portfolio but I want to get a house for myself to live in. Should I get my house first or does it even matter? I have a 700 credit score if that makes a difference.
Josephine
I was given 1 acre of family land, I used that land as collateral to purchase the mobile home. I now have moved and I am told that since the is not my primary residence they will not refiance. The property is now an investment property. When we purchased the home, we were raped with the interesr rate of 10.25% Does anyone know of anyone who made do this
Thanks Rhonda
Reginald
We were going to form an LLC and buy it through there but someone told me that an LLC cannot buy property, and that one of the 3 people would have to buy it. Is that true? Can you then transfer the property into the LLC? Would you want to do this? How is this taxed? What is the best way to go about this?
Darrell
How much equity does the average lender prefer that you to have in an investment property before they’ll consider refinancing the mortgage? 20%, 25%, more???
Gilbert
I have an investment property that I have been renting out for 2 years. The value of the property has plunged during this economic crisis. I must sell the property now below market value and will take a loss with no profit. Am I entitled to a tax break because of this
Kathy
I bought my primary residence 2 1/2 years ago for $60,000 and put $20,000 into it (it was a fixer upper). It now appraises at $145,000.
I plan on refinancing my $60,000 mortgage to pay for the debt of $20,000 (mixture of credit cards with 0% intros that are running out!) and to make a 20% down payment on an investment property (so I can avoid PMI). I plan on getting another slight fixer upper and only want to put in 10-15k into it. I will rent it out for a year or so until I think ive reached a good profit and sell it. Plus I only want to have to pay 15% tax rate instead of like 33% (long term investment).
I am not familiar with refinancing. Should I first get a contract on a property so I can refinance just enough to pay the debt, 20% to put down on the house and alittle money to fix it up? OR should I just estimate and refinance now and keep that money in the bank. I would hate to pay interest on money just sitting in the bank. Or do you know another way of doing it?
Lewis
