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sonia | A house is refinance for $199,000 and the payoff is $159,750. What exactly is meant by "payoff"? |
I was at a foreclosure training session and the speaker was speaking very fast and time was limited. He shared information on a real deal that actually took place. He gave the refinance amount, the payoff cost and cost of repairs which was $5,897. Whomever this lady was he said she also got cash out (equity) of $33,353. Can you please explain what this speaker was saying? Thank You |
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bofahs
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There was an existing mortgage on the house. The owner still owed $159,750 on that loan. When he re-financed, that is, made a new loan against the house, he borrowed $199,000.
He was obligated to use the first $159,750 to "pay off" the old loan. So, he walked out of the closing with a check for $39, 250.
Of that $39,250, he spent $5897 on repairs to the house. That left $33,353 to keep.
Seems like there's no good reason to do that on your home, but if it's rental property, and the rent will carry the new $199K note, that gives you money (all debt) to invest in other things. |
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nelson_devon
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To pay off the old loan took $159,750. The person refinanced for $199,000 so there was an extra $39.250. Of that she did some repairs. The remainder she could use to pay off credit cards, go on vacation, whatever she whoudlw ant to do. |
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AM-NM centaur
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There is no fast money in foreclosures other than collecting fees from suckers taking investment seminars. They speak quickly to cover up their lies or so you cannot figure out what they are saying. |
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april m
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The pay off is what it would cost you if you had cash to pay off your loan so it is the amount that you owe minus the interest. equity is what your house is worth now over and above what you paid for it |
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Steve W
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Based on the information provided, I hope this answers your question properly.
It seems like the buyer of the foreclosed home was able to purchase the home for $159750. After the purchase, they were able to do a cash out refinance of the property because the actual value of the home was significantly higher than the purchase price. Hence why the buyer was able to obtain $33353 in cash after the purchase. Hope this helps... |
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imsety
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You can buy the with in 45 days @ $159,750 ( buy house ). |
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Must Be The Clouds In My Eyes
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she owed that money so when sold i think you get that much profit |
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deepseaofblankets
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When you finance a house, the mortgage balance also reflects the interest costs associated with the principal loan amount.
If you pay off a mortgage early, you don't have to finance the loan as long and so you wouldn't have to pay the interest that would accrue in the time remaining on the mortgage.
If the house has a forclosure value of 159750 and you re-finance for 19900, you would have over $38,000 in after paying off the loan. Spending part of that "future savings" on repairs makes good sense! |
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barb
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the $159,750 is how much the borrower needed to pay on the original loan. If say the Original loan was $200,000, the borrower had paid off $40,250 and still owes the bank the remainiing $159,750.
In foreclosure you are hoping to buy the property from teh person for what they owe - about $160,000. then you do the repairs of $5897 and sell the property for $$199,000. If that all happens you would pocket the $33,353.
it rarely works out that simply.... good luck |
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bigjones37
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That is the amount it would take to pay the house off right now, without incuring any further interest. |
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Marte C
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The payoff is the amount due the lender on that particular day. Since interest compounds daily, and more fees can be added as time goes on, it will change.
The speaker was telling you that the lady put $33,353 of the new loan in her pocket at closing.
What I don't understand here is the part about "refinancing." You can't re-finance something that you don't already own.
Not sure where that fits into purchasing a foreclosure property. Generally a lender won't give you more than the purchase price plus the closing expenses. |
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no idea?????
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it is not a payoff it is the payout at that particular day. total amount to by contract without intrest |
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