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Search: "Rental property"

 
 

Asked 01/14/2009 09:29 am CT (West Bloomfield, MI)

I have a 7-yr balloon due March, 2010, with current rate of 4% and (by then) a remaining balance of $260k. This was originally my home but is now a rental property. Home values in Michigan have plummeted. I have tried to refinance now to lock in a 30-yr fixed rate, but since it is considered a rental property, the loan/value ratio needs to be 25% and I'm no where near that. Since I cannot refinance now and definitely won't be able to when the balloon is due as values fall another 10%-20% (as forecasted in Detroit), what happens? (1) Can I refinance with my current lender for a 30-yr fixed with a reasonable interest rate now or in March next year? (2) Should I begin to have these conversations with the lender now? (3) Do they amortize the remaining balance over the remaining 23 yrs? (4) How high can the rate go? I have friends in a similar situation (with their primary home) and rates have gone up to 10%+? (5) How do I keep the rate down and amortize the remaining balance for 30 yrs? I do not know what to do. Any assistance is greatly appreciated. Thank you in advance.

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Too many variable to discuss via email. COntact me to discuss 248-356-3739 Drew...

[ Total Answers: 1 ]

 
 

Asked 01/03/2009 06:33 pm CT (Columbia, SC)

I am interested in purchasing a rental property that has current leases on both apartments in the duplex. Does the rental income count towards my income when applying for the loan?

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Asked 06/12/2008 01:53 pm CT (Ocala, FL)

My husband has a home purchased with his deceased wife that was done thru the SHIP program. We want to buy another home but are having a hard time selling the one he has thru SHIP and we can't buy another house without showing this one as rental property, which is a no no for SHIP. Is it possible to refinance the balance of the money owed to SHIP, along w/ the balance of the home loan to get away from SHIP?

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Phone number is 484-224-2985

[ Total Answers: 2 ]

 
 

Asked 04/14/2008 06:56 am CT (Allentown, PA)

a relative of mine makes about 30k a year and has a rental property, he would like to refinace my 2 properties is he eligable?

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Asked 01/04/2008 10:58 am CT (Columbia, SC)

I am seeking a lender who will do a refinance/LOC/Cash Out on an non-owner occupied rental property that I own free and clear. The property is worth $250,000 and I need about $10,000 for renovations. However my credit score is only 504 due to late payments/charge-offs on credit cards while I was in college. What, if any, are my options? Thanks!

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Nicole, Larry is right...$10,000 for a residential property loan not an amount that anyone is going ...

[ Total Answers: 2 ]

 
 

Asked 11/14/2007 01:11 pm CT (Hollister, CA)

I will soon inherit a rental property and some cash. The property has a mortgage of about 49K. Should I pay it off or continue to make payments? I have a current tenant.

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Chuck. Pleae give me a call. I'd like to learn a little more about you and the situation. I can be r...

[ Total Answers: 1 ]

 
 

Asked 10/04/2007 09:59 am CT (Newport News, VA)

My husband and I are listed on the deed for our rental property in Virginia. I'm in the Air Force. We currently live in Maryland. We have had two mortages on the house both in my name only because of his poor credit history. I refinanced last year while we lived in California and did not have to have his signature on any of the paperwork. I may need to refinance again this year. Does Virginia law or Maryland law require that I get his signature on the closing documents?

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Asked 04/04/2007 10:23 am CT (buford,, GA)

My husband and I are thinking of turning our current home into a rental property. and using some of the rental income to pay our mortgage on the new home. the home we are in now we do not have a mortgage on, we own it free and clear. My big question is do we need a downpaymnet for our new house or can we use our paid for house a collateral when securing the loan?

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Good question. The answer largely depends on your credit score. With current changes in the lending ...

[ Total Answers: 1 ]

 
 

Asked 02/05/2007 02:17 pm CT (Chicago, IL)

I have two properties: 1) 5% ARM - will end in 2 years. Market value $400K, balance $212K 2) 5% fixed - will end in 13 years. Market value $550K, balance $125K. I want to buy a rental property @ $550K. What is the best way to use the equity I have with the two properties that I currently own to purchase the rental property?

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Hi Mr. Nguyen, Call me directly at 630-400-4661 right away! You do not need to touch your curren...

[ Total Answers: 1 ]

 
 

Asked 11/13/2006 05:52 pm CT (Monterey, CA)

Can I stop or delay indefinitely a foreclosure action on a rental property? Same question, but this time relative to my home. Thanks, ...ron

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Hi Ron, Those are great answers from Barry. I might just add a couple of additional options. 1s...

[ Total Answers: 3 ]

 
 

Asked 05/27/2006 10:08 am CT (St. Amant, LA)

My husband and I have a rental property that we owe $50000 and our home that we owe $110000. We would like to sell the home we are living in but still keep the rental property. When we apply for a loan, would they count the rental property as a debt? If so, would the amount we qualify for have the $50000 subtracted?

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Hi Jodi, I need a little more info to give you the correct answer. It depends if you own the rent...

[ Total Answers: 1 ]

 
 

Asked 05/24/2006 04:40 am CT (San Francisco, CA)

Yesterday, we signed closing documents to refinance a house that we own and rent out with the same lender as our original loan. throughout the process, our loan consultant was aware of that our property is a rental property. At closing, there was a set of docs called that they wanted us to sign, stating that this property was a secondary residence. Upon seeing this document, the consultant removed it and assured us it was the only reference in all of the documents to it being a secondary home. All the while. the notary is quickly passing documents to sign. When we got home, we looked carefully through the docs and saw references to our property as a secondary home. We are concerned that we may have inadvertantly committed fraud! we called the consultant and he says he will take care of this issue. Is that enough now that he has signed and notarized docs in hand? We were also told we had a right to rescission but I have read that you do not have this right when refinaning with the same lender. Any advice on how to proceed? We have sent a letter detailing the issues with copies of the four places our property is called a secondary home. Is this enough?

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Kelly, Sorry, i hope this is better late than never. 1st of all, you will not be in legal jeopardy...

[ Total Answers: 5 ]