Easy Home Equity Loan » investment property

Foreclosure on second mortgage?

admin — Fri, 05 Aug 2011 11:25:36 +0000

I have an investment property that I rent out to a tenant in Georgia. I currently am up to date on my first equity line that I have out on the property, but my second line has become past due by almost 30 days and lender has put a hold on the account. Even when I try to make payments on the account they do not let me due to some reason. I have consulted with others who have loans from this lender and they say that a freeze has been placed on their accounts as well (approx 30 others). In the event that that I am unable to pay the loan in its entirely if recalled by the lender or if the lender does not accept payments causing it to go into foreclosure, how will this affect my first mortgage, tenant, and me personally. Can I just allow it to be foreclosed and wash my hands of it, taking the hit on my credit? Or can the lenders sue me for anything? Also if the bank does decide to foreclose will that require me to pay any type of legal fees?

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Risks with buying ETF's with a second mortgage?

admin — Sat, 23 Jul 2011 16:13:36 +0000

Need some help with experienced investors. I have abt 100K in equity in my investment property. I was planning on taking a second mortgage to buy Municipal bonds with a 10 year maturity. I feel that the 5.5% tax free yield is great considering I have to pay 4.75% tax deductible on the loan. Margin should be abt 6-7%.
What are the risks and should I consider munis closed end funds?
The house is held in a LLC and taxes are filed in schedule C so the interest will be tax deductable against the property income, corporate bonds and munis held in the company name.

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Consequences of defaulting on second mortgage after foreclosure on the first?

admin — Mon, 13 Jun 2011 06:37:46 +0000

In Oregon, I defaulted on both my primary and secondary mortgages on a piece of investment property (not my primary residence). Recently, the first mortgage lender foreclosed on the loan and took the property. Now my secondary mortgage (K) lender is coming after me to negotiate a settlement for payment . My questions are: Are there any additional consequences to one’s credit rating by defaulting on the second that haven’t already occurred by defaulting on the first? And is there a greater risk of law suit or judgment against me on the secondary loan default than the risk that I already have on the first? In other words, since my primary mortgage has defaulted and gone to foreclosure, is there any motivation for to negotiate with the secondary lender?

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Any idea what kind on interest rate someone could get on HELOC when they own a prin residence and invest prop?

admin — Sun, 16 Jan 2011 18:22:55 +0000

We currently own a home with about 0k in equity and have investment property (probably only k in equity on that). We have a second on the investment property at a fairly high interest rate (11.99). I’m interested in paying that off with a HELOC. Credit rating for myself and my wife is approximately 720 (so I’m assuming good but not quite excellent rating). The balance on the second is k. I’d also be interested in seeing what the monthly would be on something like that (I’m assuming it doesn’t work the same as a 30 year loan)

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Can I writeoff the mortgage interest payment for tax purpose for my second home(rental property) in california

admin — Tue, 04 Jan 2011 06:49:56 +0000

Can I write off the mortgage interest and the property taxes paid for my second property which is a rental property for tax benifits.
Both the properties are located in california.
I also own an investment property outside california. Can I also write off the interest payment for that property.

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Can I use profit from an investment sale to payoff a home equity loan to avoid capital gains tax?

admin — Mon, 13 Dec 2010 00:41:59 +0000

I recently sold an investment property with some profit and if I use this money to payoff an home equity line on my primary residence, will I have to pay taxes on it?

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I'm looking for a HELOC or just a second loan for an investment duplex in Texas.?

admin — Thu, 21 Oct 2010 08:41:51 +0000

Looking for either: Home Equity Line of Credit or Home Equity Loan

Property: Duplex – Investment Property (NOO)
Excellent credit
LTV require up to 90%-95%
Low closing cost
Interest rate < 10%

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what qualifies as a second home for mortgage loan?

admin — Thu, 23 Sep 2010 04:52:15 +0000

I am working overseas, I want to buy a house in Texas. Can I consider it to be a 2nd home and ask the mortgage company to give me interest as second home instead of calling it "investment property" ?
The interest rates and taxes for 2nd home is less than investment property.

It will be rented out till we come back to Texas.

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Investment property rent paying mortgage on second investment property?

admin — Sat, 11 Sep 2010 11:41:53 +0000

My parents are planning on buying an investment property. They plan on paying cash for this property. So they will not have a mortgage. I will be renting the place from them with 2 other people. If they decide to finance a second property, would they be able to use the rent from both properties to pay the mortgage on the second property?

How and what will they be taxed on?

How does rent to own work when it comes to taxes?

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Good lender that understands real estate investing.?

admin — Sat, 11 Sep 2010 05:15:46 +0000

I am starting to look for an investment property in Phoenix or Tucson. I am after solid property with instant positive cash flow, should not be too hard to find these days. I tried to contact several of my "old" lenders who either lent funds to me or expressed interest in my deals in the past. Now when I tried to contact them they don’t respond at all. I now live overseas, but have US based income as well as plenty of equity in Arizona real estate. It’s almost as if lending business went dead. The point is that I am looking for a lender or mortgage broker that
a) understands real estate investing
b) still provides low doc loans.

I am self-employed, decent income (both US and abroad), excellent credit score, never had a credit blemish on my report. Plenty of equity in real property (land). No debt. US citizen. Experienced in real estate investing.

If you know a good contact that can work with me I would greatly appreciate it.

Thanks a lot in advance!