Unique situation… Refinance and cash out to down for a new home?
I own a 2-family home worth 370K. I still owe 88K with 12 years left on a 15 year loan. I owe a family member 200K in loan. I need to pay the family member back now. Can I (should I) refinance for the value of the home and pay off the family member with it? Basically, I’m moving from a non interest family loan to a mortgage. I know that, financially,it’s a disastrous move, but the situation is what it is. Also, if I wanted to buy a new home and put this one up for rent…would it be wise to refinance for, say, 320K (200K goes to the family member, 88K for the remaining mortgage, and 32K cash out to down for the new home)? So in the end I would have one two-family home up for rent and a home I will reside in. I’m hoping the rent from the two family home will cover the new 320K 30-year mortgage and my income 126K/year (gross) will cover my primary home’s mortgage. Which leads me to another question, at that income level, how much home can I afford? Thanks to any advice anyone can give!
Categories: Mortgage Tags: 200k, 30 year mortgage, Advice, family-member, interest family, loan mortgage, moving, new-year, ReFinance, rent
Can I count my rental home as my primary residence for refinancing purposes?
We currently have a home in WA. We are military, and so we had to move to another state. The rents in the area are way less than my mortgage, so I am paying an extra $ 500/mo to cover the mortgage. My interest rate is 6.5% on 80, and 10.69% on 20 (80/20 loan). My husband is deploying to Afghanistan in 7 months, and I plan on moving back into our home. Would we be able to refinance now with the intent on moving in, or will all companies still count it as a rental home? (We rent where we live now). Are there any exceptions to owner occupied homes for military stationed overseas? We already tried talking to Countrywide to modify, and they said no. Thanks for any advice. We really need to lower our mortgage.
Categories: Mortgage Tags: 7 months, afghanistan, exceptions, extra 500, interest-rate, mortgage interest, mortgage rate, moving, rent, rents
any mortgage companies giving loans with a fico score of 550 and 100 percent financing for a house purchase in
philly, so far no go-i work in nyc for 12 years for nys and my brother also now wants to go in on the house-he works for nyc board of ed=dont know his score yet-i rent in philly for a year-think its time to buy but not as easy as i thought i would be-please help
Categories: Mortgage Tags: 100 financing, board of ed, Brother, fico-score, house purchase, mortgage-companies, mortgage-loans, nyc board of ed, rent
landlord selling the house what are my rights
I'm a tenant but my landlord and I didn't make a written agreement. In the month of April I paid half of my rent on the 3 of the month and I was going to pay my other half at the end of the month.
Categories: Mortgage Tags: different-late, house, landlord, landlord-tenant (old), month, neighbors, rent, sell-the-house, sells-the-house, the-neighbors
Mobile Home Park Taxes and Rent
hello. i live in a mobile home park and once every year we have to pay taxes in addition to our rent
Categories: Mortgage Tags: 700-nearing, every-year, mobile-home, office, please-let, rent, rent-taken, these-taxes, TIME
A shady
I have a problem on febuary 1 2011 I wrote my landlord stating: "How are you I hope all is well I have a problem I know a couple of months ago I talked to you in regards to my Fiance losing his job and we found a roommate to move in to pick up other half of the rent. She notified me that she will be moving out at the end of this month and I can not pay rent myself
Categories: Mortgage Tags: additional-500, attempted-break, back-as-soon, deposit-saying, dollar-security, drop-the-keys, Fiance, landlord, landlord-tenant, march-it-may, month, opposition, plans, rent, until-the-end
Plaintiff’s Motion to Deem Requests for Admissions Admitted granted: [my recourse?]
I live in Los Angeles.
Categories: Mortgage Tags: angeles-housing, Apartment, aside-the-court, chapter, Court, failure, landlord-tenant, rent, requests, section, tenant, voice
subleasee with 3 kids need help!
I am a mother of three young kids and needed to find a place that was a better environment than my old apartment. I thought I had when I found tenants at another location that was moving and needed someone to sublease for 4 and a half months. We signed a hand written agreement about price and things of that sort
Categories: Mortgage Tags: Kids, landlord-tenant, landlords, legal-residence, legally-allowed, location, made-it-seem, rent, residence, signed-receipt, situation, TIME, vacate-as-soon
tenants rights
I HAVE BEEN FROM MY LANDLORD FOR ABOUT 8YRS. DOES HE HAVE RIGHT TO CHANGE MY RENT DATE?HE CAME TO COLLECT ON MARCH 27 AND I SHOWED HIM MY RENT RECIEPT THAT HE ALREADY BEEN HERE FOR MARCH RENT AND THEN HE SAID HE DIDN'T AND I TOLD HIM HE WASN'T GETTING RENT FROM ME TWICE IN 1 MONTH AND THEN HE STATED TO ME HE WAS CHANGING MY RENT DATE TO THE 14TH.PLS.HELP ME:mad:
Categories: Mortgage Tags: landlord-tenant, month, rent, told
Several repair & confidentiality issues with landlord
We are one year into a two-year lease (HUGE mistake!!).
Categories: Mortgage Tags: come-out-today, conversation, door, forth-on-rotten, inconvenience, landlord-tenant, neighbor, Payment, rent, running, vacation