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RayRay
Guest
0.10 Dollars($)
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Post subject: |
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| We took out an equity loan 6 years ago when we purcashed our home. Now with the interests much lower we want to do a cashout refiance on our mortgage, will the equity load hender us in doing this? |
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anony.
Guest
0.10 Dollars($)
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Post subject: taxes |
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| we refinanced our primary home and took out equity for improvements doo we have to claim that money |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi RayRay,
The equity lender may not be ready to subordinate his loan for the refinance. You need to negotiate with him for that or you will have to convince the new lender to subordinate the new loan.
To anony,
You need to consult your tax adviser in this regard. He will be the best person to help you in this case.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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anony, when you obtain cash out from a refinance, it is absolutely not taxable income. it is a loan and you are liable to pay it back.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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thebig5
Guest
0.10 Dollars($)
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Post subject: equity on investment properties |
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| hi. i'm looking into buying a fixer as an investment property. Was wondering if I'd be able to take equity from a property that is NOT a primary residence. I would need some money after fixing it up so would I have to sell it or could i take some equity and then rent it out? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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it's awfully difficult to get cash out on a refinance of an investment property - depending on the property type, you could be looking at 70% loan to value at best. it's understandable - people are more likely to bail out on an investment property than on their own home when times are tough (though i don't have stats on the current market and that occurrence). lenders are understandably more conservative, however, with all transactions on non-owner occupied properties.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi Guest,
I agree with what George has said in this regard. It would be quite difficult for you to qualify for a cash out refinance on an investment property.
_________________
Procrastination is the enemy of your financial success |
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Jony
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0.10 Dollars($)
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Post subject: Line of Credit (second Mortgage) |
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| I have first loan $ 320,000 and line of credit $ 355,000 which has been taken by my son 3 years ago and it is on his name. Now I am in process to modify my first loan. After modification of first I know that second going to be my biggest problem, I want to know what are my options about second. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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As your son has taken the line of credit, you can ask him to negotiate with the lender and apply for a loan modification. Depending upon your son's financial situation, the second lender will let him know whether or not his loan will get modified.
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Good is the Enemy of Great. |
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Jony
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0.10 Dollars($)
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Post subject: Line of Credit (second Mortgage) |
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OK Niicss, my son's financial situation is very bed. And lets assume that negotiation is not in favor to me. Can he do bankruptcy if value of the house Appraised appx. $420,000-$450,000 and first loan amount is $ 320,000 as I mention earlier, and second is $355,000.
Or if I won't be able to pay monthly payments for second only is there any alternatives in that situation.
Thanks |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Your son can file Chapter 13 and get rid of the second loan with the help of lien stripping. As far as the first mortgage is concerned, he will get a repayment plan to pay it off.
_________________
Good is the Enemy of Great. |
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Hugh Banks
Guest
0.10 Dollars($)
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Post subject: 2nd mortgages |
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| Do you sell any of your 2nd mortgages? I am a buyer |
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Jas
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Post subject: |
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| Are you planning to a second property? Your query is not clear. Please explain. |
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amandacluett
Joined: 01 Mar 2010
Posts: 1
1.13 Dollars($)
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Post subject: Ontario Mortgage Broker |
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| Despite the world crisis, we can still purchase our own home with a flexible rate and low interest rate. There is still hope for a bright future. |
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tonyt
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Post subject: mortgage |
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| We bought our house with cash and have no mortgage can we get some extra cash by adding a mortgage |
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