Monday, 30. August 2010
Real estate in my area is in a slump and I am trying to sell to relocate. I am on my third realtor and still nothing. I am thinking about offering to sell the house for 10K(my equity) and allow the buyer to take over payments(56K) but my loan was an FHA loan(Countrywide is the lender) Can I do this?
Monday, 23. August 2010
I purchased my first home a few months ago and will be moving to another state due to a better job offer. I know that trying to sell my home may not be in my best interest since I just got it, however, if I do – there is no pre-payment penalty on my loan.
My question is: Am I better off selling my house (have about k in equity) or renting it out and trying to buy a second home in the new state? Would I be able to buy a second home with having this first one? I have been told that I should be able to as long as I can prove the first one is rented out. Is this correct?
I go back and forth with selling because if the job offer doesnt work out, then I would always have a place to come back to if needed. If this would help in providing your answer – I currently live in Texas and will be moving to Colorado.
I would prefer answers from people who have mortgage/lending/real estate experience.
Tuesday, 17. August 2010
When my husband and I sold our home, we took back a 5-year second mortgage for the buyer. Now that we’ve found a home we want to buy, we don’t have enough cash for a down payment, but would like to use the second mortgage as the down payment, and sign it over as a deed of trust with assignment of rents … or something like that. What we’d like to know is whether or not that can be done? Or, if that can’t be done, what kind of transaction can occur that would allow us to us to use that second mortgage as the down payment? I’d appreciate a response from a knowledgeable real estate person, mortgage lender, or other financial/contracts professional. Thank you. jdbnosik
Tuesday, 17. August 2010
So i have a house out in So. California. Purchased for 430K…. refinanced twice..becuase I was suckered in and didnt know the real estate game…. now my bill is @ nearly 510K…. my loan bill has been adjusted for 30 years @ 1,700/per month. ….interesting only?
I still have equity in the house, but im afraid of a market fall….What would happen then? Can i re-structure my payments or loans to send more money to the principal without refinancing? please help…
Do I have to send a minimum payment to the principal, after paying my interest only loan? or can i send a "whatever I can" amount?
Friday, 13. August 2010
Does home equity loan belong to Note payable section or Real estate mortgages section in liabilities?
Wednesday, 11. August 2010
I purchased this house two years again in bay area the value has dropped 30%. My current loan is fixed 30yr 6.125. We both have jobs so far.
1. If I can take advantage of any loan modification program giving the real estate is getting worse or worse
. 2. If not, I want to refin to bring down the monthly payment.
I do have another house that has equity that I can get 250k no problem. is that ia good idea? I keep heading people saying don’t refin unless I am in AMT program. Can someone list to pro and cons .
thanks.
LW
Thursday, 8. July 2010
I am a private investor, I invest in stocks, small businesses, real estate and commodities.
I need money to expand, and I don’t want to get loans because I like to be debt free.
I know that I can get money from relatives and friends, that would be called also equity financing, but I was wondering if there is any other way for other people to invest with me.
Is forming partnerships the only way to go?
Wednesday, 30. June 2010
Here is what I’m interested in doing … have an eye on a great condo, list prices were around 0k a few years ago, but they are just building and did it right during a down turn in real estate in the area. As a result they dropped the asking price to about 5k. We got a good walk thru with a realitor and she said cash is king here and if they have a cash buyer she knows they’ll likely settle in around 0k just to move the first few units (they build them by the entrance and that was a bad choice!)
So … my credit isn’t going to help with a conventional loan since it can’t be an FHA loan since the project is only about 15% complete and apparently they must do conventional loans for until the project is further along (that’s what the told us, so it was limited to 1 bank) …
Now to the point, I have a relative who may have around that amount in liquid finances. Can they "lend" me the money to purchase the condo and in turn I would then take out an equity loan to repay them? It should appraise at well over 0k and all I would need to to is pay them back to be free and clear. I’m guessing we could even wait a little while to pay them back (build credit up higher?) but I’d like to do that sooner than later.
What are my limitations? Is credit going to bite me on an equity loan if I own outright? Any resources, tips, info would be appreciated!