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Guest

0.10 Dollars($)
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Posted: Sun Oct 12, 2008 8:04 am Post subject: |
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| ineed the equity out of my home to finance the home i 'm moving into,but can help a buyer not have to come up with downpayment or bank financing |
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Chris CC
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Posted: Sun Oct 12, 2008 9:10 pm Post subject: Poor Credit, High Income, Need tax write off |
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| I make at least 130k per year but have poor credit. I need the tax write off of mortgage interest. Is Seller Financing the best way to go? Do I get the tax write off on all SF deals? |
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jerry
 Moderator
Joined: 17 Oct 2005
Posts: 1036 Location: MICHIGAN
125.94 Dollars($)
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Posted: Mon Oct 13, 2008 3:43 am Post subject: |
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Hi Chris C!
Yes, your mortgage can be written off if you go for itemized tax deductions. However, you will have to pay certain other taxes.
Thanks,
Jerry |
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ashley renee
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Posted: Fri Oct 17, 2008 1:27 pm Post subject: home selling with mortgage |
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| hi, i was wondering if it is legal to sell your home yourself (due to the buyer doesn't have credit to purchase through the bank) either lease purchase where the buyer has X amount of years to get financed by them selves, IF the home has a mortgage on it. thanks. ashley |
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Niicss

Joined: 03 Oct 2005
Posts: 1260 Location: New Jersey
188.81 Dollars($)
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Posted: Mon Oct 20, 2008 3:59 am Post subject: |
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Hi ashley renee!
I think you are speaking about seller financing or owner financing. Yes, you can go for it. But it will be better if you could consult a lawyer in this regard.
Thanks. _________________ Good is the Enemy of Great. |
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Jossie
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Posted: Tue Oct 28, 2008 7:03 am Post subject: Owner financing |
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| I am a first time home buyer. I have been pre-approved for a first time home buyer loan and have a very good credit rating. However, the property I am interested in is the first condo unit to be sold in a 6 unit building. The building owner is offering financing. Is this a good idea and would I run into problems getting a loan in a few years from a bank? |
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jerry
 Moderator
Joined: 17 Oct 2005
Posts: 1036 Location: MICHIGAN
125.94 Dollars($)
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Posted: Wed Oct 29, 2008 2:09 am Post subject: |
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Hi Jossie!
Owner financing is a good idea from the point of view of a buyer. A buyer gets a lot of facilities with owner financing. This type of loans do not require closing costs. Moreover, owner financing is not a lengthy process like the conventional loans.
I don't think you will be facing any problem in getting a loan from the bank later on.
Thanks,
Jerry |
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piriesrus

Joined: 20 Nov 2008
Posts: 1
1.29 Dollars($)
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Posted: Thu Nov 20, 2008 10:25 am Post subject: |
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Moving from Scotland we went with owner finance(no credit history) after renting the property for 2 years..After a hurricane we had some repairs to do. Who should get the insurance claim to fix repairs?
Any help is appreciated |
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jerry
 Moderator
Joined: 17 Oct 2005
Posts: 1036 Location: MICHIGAN
125.94 Dollars($)
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Posted: Fri Nov 21, 2008 3:44 am Post subject: |
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Hi piriesrus!
I think the seller will have the claim on the insurance to fix the repairs. Moreover, I guess, it is the sellers name which is mentioned in the insurance papers.
Thanks,
Jerry |
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