I plan on keeping the 2 family and renting it out to pay for the mortgage once I leave but my fear is that I am going to end up losing due to nonpaying tenants. What if I can’t afford my old home. Can i lose both homes, or will I have to sell my 2 family home and hope that the selling price will cover the amount i owe on the loan.

Will bankruptcy effect my new home in Florida? I am looking at worse case scenario here. My 2 family can be a money maker when the economy gets back on track.

Best answer:

Answer by ananamas
Of course you can do that.

As far as your questions – if you pick good tenants, and have a good management company, you hopefully won’t have a problem. But if you did, the worst that would happen is your Mass house would be foreclosed upon, and you’d still have your Florida house. Foreclosure destroys your credit for a number of years, but if you already own the Florida house, already have a mortgage on it, and keep paying that mortgage as agreed, the foreclosure won’t affect your house in Florida. It would, however, probably prevent you from refinancing or moving again within 7 years.

Also, I think when you said bankruptcy you meant foreclosure – you wouldn’t have to file bankruptcy (and probably wouldn’t want to).

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Best answer:

Answer by supurdna
If you use a Home Equity loan the interest is tax deductible. The bank will send you a Form 1098 indicating how much interest you paid that yr. Also, HE loans can be used for more then just fixing up your house. You can roll in other debt, pay for college expenses, etc. Let the bank professional tell you more about it and g/l.

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Best answer:

Answer by irenkedezso
Yes you can transfer the Deed in your name and get a line of credit to help her move and take care of her

What do you think? Answer below!

The option we’re looking at now is for my parents to get a loan for us (it would be in their name, we would make all the payments). They own their home outright but they do not want to do a home equity loan. The loan officer is telling us the only options are home equity or some type of investors loan with which we would have to put 20% down. We do not understand why my parents cannot get a conventional loan seeing as they do not currently have any mortgages or loans.

We live in Florida, my parents also live in Florida but over 100 miles from where our home will be.

Can someone explain this and/or let us know of any other options? Thank you in advance.

Best answer:

Answer by TruthMastaT
One of the principles behind conventional residential mortgage lending is that the owner of the house (who is the mortgage borrower) should actually live in the house as their primary residence. The rationale behind this principle is that the owner will take better care of the house they live in than they will a house they just own as a second residence or investment property.

This is not to say that you can’t get a mortgage for an investment property or a second home. You can. However, the mortgage will be considered more risky. Therefore, the borrower must either pay a higher interest rate (to compensate for the greater risk) or make a bigger downpayment (to make the loan less risky) or both. This is standard practice.

If your parents took out the mortgage loan on your house, that would not be their primary residence (and therefore not a conventional mortgage). As a result, the interest rate would be higher and/or the down payment must be greater.

If you want a low-interest conventional mortgage loan, the only possibility that I see is this…

1. Your parents take out a loan on their own home (the one they live in now). Let’s assume your parents’ home is worth $ 300,000 and they take out a mortgage for $ 200,000. If the Loan-to-Value ratio (LTV) is less than 80%, the mortgage company would not consider it a risk loan and your parents could get a good interest rate (since the LTV in this scenario is about 66%).

2. Your parents use the $ 200,000 to buy a house (your house) for cash so your parents own the house outright.

3. Your parents sell the house to you and your husband on an “owner-financed” basis (meaning no mortgage company is involved; the mortgage contract is just between you and your parents).

4. You make payments to your parents on a monthly basis; they use the money to pay the mortgage they have taken out on their home.

5. If you fail to make the payments, your parents could repossess the house, sell it and pay off the mortgage on their home.

Let me know if you have any other questions about this recommendation.

Good luck!

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Best answer:

Answer by Researcher
A home equity loan is another mortgage so you have three loans on a single piece of real estate. Wishing they will do anything for you without a contract is a dream. You need to get to your banker like yesterday. I have a couple friends in similar situations and they got refied, the 2nd written off and now only owe 45K on the property and are paying 850 a month. It is a dream. I on the other hand can’t get a refi because I have kept my payments up and didn’t get loans that I couldn’t pay off or really go beyond a reasonable amount in case the market failed. Silly me.

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Best answer:

Answer by Cathy V
Try this website. They’ll match you with several lenders in Florida each one with different pricing and options. You can then compare and choose the best: the one that saves you more money while offering a lower rate, lower fees and lower monthly payments.

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Best answer:

Answer by ScottMortgageExpert
You never want to let them foreclose on you, period. I am sure you still have equity in your home. You should try and sell or refinance, and yes, they still will refinance you with those late payments. What you need to know if what your home is worth and what you owe on the two loans total. If you could refinance the two together and get one loan and a lower rate/payment, you should be fine. If you are not going to pay one of them, I think the 2nd is what not to pay, but that payment is probably much less, right?

I just realized you said it was vacant with a realtor and CONTRARY to what many think, you CAN refinance even if a property has been listed for sale lately. Just change the status to cancelled or withdrawn and talk to a mortgage broker that knows the business well. Even vacant homes can be refinanced. I would suggest trying to refinance and have your realtor list this for rent. I am sitting on a vacant home in Cape Coral FL that I already did a cash out refinance on and it has been vacant almost a year. It sucks to use the equity in the home to keep it going but it is better than getting late payments and/or foreclosure.

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Easy Apps Mortgage, a mortgage broker based in Foxboro, MA, with offices in Florida, is working with selected wholesale lenders who are now offering homeowners instant equity in their home for remodeling projects. The announcement was made by company president Robert David.

When a home owner decides to remodel or add on to their existing home, many home owners look to acquire additional financing for their project. Most lenders will lend funds based on the current equity in the home. With properties values flatting, or in some cases, declining, it is difficult for many home owners to get the needed financing.

Easy Apps Mortgage has sought out and found lenders who will maximize the current equity and add the future equity of the completed project into the appraisal price. Based on the project, a home owner could receive up to 100 percent of the cost of the project in instant equity.

According to Robert David, this will allow home owners with little or no equity the ability to remodel and use the contractor’s quote to add instant equity. The interest rates are extremely competitive and lenders are getting aggressive and creative in order to close more loans before the end of the year.

For more information about Easy Apps Mortgage:

Easy Apps Mortgage is a mortgage broker licensed in MA and FL. They can be reached toll free at 888-441-3279 or on the web at http://www.easyappsmortgage.com.

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With the current unemployment rate in the U.S. rising to nearly 10%, the foreclosure crisis has affected nearly 938,000 properties between July to September, compared with 890,000 in the previous quarter, and a 23% increase from the third quarter of 2008. According to RealtyTrac, if this trend continues, foreclosures may hit about 3.5 million this year, compared to 2.3 million homes last year.

?With foreclosure rates rising, it is important for homeowners to be educated about how they can prevent foreclosures. Though the Federal Government?s $ 75 billion loan modification program has achieved its goal of beginning trial loan modifications for 500,000 financially-troubled homeowners, a large number of homeowners are still at risk,? said Farid Dallal, owner and CEO of Keeplivinginyourhome.com Loan Modifications.

According to Mr. Dallal, though many lenders consider troubled homeowners for a mortgage modification to avoid foreclosure, more borrowers could face foreclosures as their moratoriums end. ?I believe that homeowners should be given the opportunity and help needed to keep their homes. The loan modification process can be very confusing for homeowners. The fact is there are no real set parameters that qualify a homeowner for a modification,? said Mr. Dallal.

He also added that most banks are currently taking between six months to a year to make a decision on a mortgage application. Quite often, after waiting for so long, the loan modification is denied and the homeowner has to eventually face foreclosure. ?Buyers who apply for loan modifications should first understand what the process entails. Loan modifications can affect your credit rating by a 50-100 points. If your financial situation is only temporary, it may not be the best option since it would be difficult to rebuild your credit.?

To prevent a foreclosure, Mr. Dallal advises borrowers to contact their lender to discuss foreclosure prevention options as soon as they realize they have a problem making payments ? the longer they wait, the fewer options they may have. They should also be wary of foreclosure recovery scams and educate themselves about their mortgage rights and foreclosure laws and time-frames in their state.

?At Keep Living In Your Home, we believe the best way to stay in your home with an affordable payment is to assess the current situation and determine what steps are necessary to qualify for a refinance. A refinance has set parameters that have to be met in order to qualify, which helps our loan officers determine what needs to be done to make the refinance a reality,? Mr. Dallal commented.

For more information, call 1-877-500-3001 or visit http://www.keeplivinginyourhome.com/loanmodification/loan-modifications/checkeligibility.asp

About Keep Living In Your Home, Inc.

Keep Living In Your Home is a cost effective loan modification company, that provides loan process, refinance, home purchase, debt consolidation, and home equity loan services. The company provides clients with the knowledge they need to make the right decisions to move forward with the loan process. With its highly knowledgeable and professional mortgage consultants and processing department, Keeplivinginyourhome.com Services gives clients the best loans to fit their needs. As an industry leader, the company takes pride in its vast knowledge of the mortgage industry and the products it offers to borrowers. For more information, visit http://www.keeplivinginyourhome.com/loanmodification/loan-modifications/states.asp?id=32

Keeplivinginyourhome.com is now focusing its loan modification services on the follow states. Alabama Loan Modification, American Samoa Loan Modification, Arizona Loan Modification, California Loan Modification, Colorado Loan Modification, Connecticut Loan Modification, District of Columbia Loan Modification, Federated States of Micronesia Loan Modification, Florida Loan Modification, Guam Loan Modification, Hawaii Loan Modification, Idaho Loan Modification, Indiana Loan Modification, Iowa Loan Modification, Kansas Loan Modification, Long Island Loan Modification, Louisiana Loan Modification, Maine Loan Modification, Massachusetts Loan Modification, Michigan Loan Modification, Minnesota Loan Modification, Missouri Loan Modification, Montana Loan Modification, Nebraska Loan Modification, Nevada Loan Modification, New Hampshire Loan Modification, New Jersey Loan Modification, New Mexico Loan Modification, New York Loan Modification, North Carolina Loan Modification, North Dakota Loan Modification, Oklahoma Loan Modification, Oregon Loan Modification, Puerto Rico Loan Modification, Rhode Island Loan Modification, South Carolina Loan Modification, Tennessee Loan Modification, Texas Loan Modification, Utah Loan Modification, Virgin Islands Loan Modification, Virgina Loan Modification and Washington Loan Modification.

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also a while back there was anther mortgage taken out for a condo in florida for 1000$ a month so all together he is paying 2100$ a month for his house and the condo can he get a home equity loan on his home? \

or can we get a home equity loan on our home we have been here for 12 years but it is under my uncles name we dont know how much is payed off. so would it be better to get one from my grandfathers house… my uncle is impossible to get any information or anything from…

also how long will it take to get the loan it would be from pentucket bank in Massachusetts we think.

like he has 50% of the house payed off we think

Best answer:

Answer by luke666808g
you should borrow 500% against the value of the equity…

it doesn’t matter how much has been payed off, what matters is the property value, paying off 50% doesn’t mean anything if the property value has gone down 50%, property values are being under quoted right now, I’ve heard of a guy being told his property was worth less in repayments than he was getting back in rent, utterly ridiculous.
Don’t borrow more money.

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