Friday, 27. August 2010
I am planning on purchasing an investment property with 100% cash. I can purchase the property at 60% of market value. I then plan on pulling a loan out for 60% of the market value. Would it be considered a mortgage or a home equity loan? A mortgage currently is about 300 basis points lower than the home equity loan. I am hoping it would be considered a first mortgage because it would not be a second lien position. Thanks
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Friday, 20. August 2010
I took a hard money loan on investment property and I wasn’t able to keep up with the payments. The lender went to court and had a receiver appointed to the property. I had bought the property at half of the value and now that the city and area is improving the property is worth nearly three times as much. I have listed the property with real estate agents in an effort to sell it but ever since the lender had a receiver appointed six months ago they have accelerated the interest rate, which is draining the equity of the property, and the receiver is telling all prospected buyer to wait to buy at forecloser: but the forecloser date has not been set. In the mean time the accelerated interest rate is kill my equity and all my efforts to breaking even is going to waste. Need to know how to force the lender to give a forecloser date?
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Thursday, 29. July 2010
Would it be a good ideal to get a home equity loan to purchase an investment property. Considering the markets today should I just leave well enough alone
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Sunday, 25. July 2010
I’ve been approved for a 1st mortgage at a fixed rate of 7.38 and a 2n mortgage interest only at 10.425. This loan is for an investment property. I’ve been told that the 2nd loan is Home equity line of credit. How much will my payments go up on the 2nd mortgage and should I look for another loan. Thank You.
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Saturday, 24. July 2010
I have an 80/20 on my first home loan, but have been renting it for the past year. I have great tenants and they plan to buy it but want time to save for the down payment. In the mean time I was contingently approved for the second home (5,000) if my because I told the bank I was going to sell it. What if I decided I wanted to just keep it as a investment property?
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Saturday, 3. July 2010
I currently own an investment property with a business partner. I am the only one on title since the mortgage is only in my name. I desperately need to get out of this property. My partner has agreed to release me from my obligations. I am giving up all my equity to accomplish this.
We have two options available from what we can tell to get me off the mortgage which is the main objective:
Option 1 – He can actually purchase the property from me to release me from the mortgage. This likely is a bad idea. Essentially, he would buy the house but the proceeds that I receive would end up going back to him at closing. This could easily be looked at as loan fraud and I have not interest in breaking the law.
Option 2 – We add him to title and then he refinances the property removing me from the mortgage. He has been an owner the whole time, it just hasn’t been reflected that way on title. He is more than qualified to be approved for the loan.
Is option 2 legal?
To be more specific, my partner can qualify for the loan per his income, debt ratios, etc. However, he doesn’t want to come out of pocket 20% for a property that he already owns. If he purchases the property the "proceeds" would be the original down payment which I am giving up.
If he were to purchase he would take out a new loan and then have rights to the downpayment. It would go into his account and certainly look like fraud however that is really not the case.
Option two would allow him to go on title and simply refinance thus taking me off the mortgage and not coming out of pocket.
If there are any attorney’s out there I would appreciate your insight.
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Saturday, 5. June 2010
I have two mortgages – one for primary residence and one for investment property. I know that interest payment on both loans are tax deductible. But if I get a home equity loan against my primary home to pay off my high-interest car loan, the interest on this home equity loan is also tax deductible?
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Friday, 21. May 2010
Are there any legit (well known) Lenders out there who will give a home equity line of credit from an investment property? We have about 65% equity in a home we currently own and rent out in CO.
We have superb credit (above 750). When we built it and bought it with so much cash, we had every intention of it being our final home. Circumstances change and we’re now out of State.
We make excellent profit off it, so selling it, not an option. But how can we free up some cash?
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