 How can owning a paid off townhouse help me buy a house? |
I live in a San Diego suburb where prices are falling.
My husband and I will have our 1700 square feet townhouse paid off in a few months.
We are planning to have a baby soon, ... |
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 I need emergency rent money to keep from being evicted? |
i have two small children and my business went under no funds for rent and bills i'm very affraid for my children to be homeless
and hungry if there is anyone out there that can help us ... |
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 How to get rich? |
| I would like to know what to invest in to get rich? I am 30 years old and would like to know what is better stocks or real state? I would think real estate is better. If so where is a good area to ... |
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 Can my landlord sue me for lost rent after the end of my lease? |
This is in addition to my previous question: http://answers.yahoo.com
So my pet supposedly smells ... |
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 Can a landlord say this? |
| So, I am looking for a home to rent and I found a listing that I liked. However, the listing stated no smoking, no drinking and no pets. Now, the smoking and pets aspect is justified. But the ... |
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 Do you have to pay rent when your landlord gives you three months to get out? |
| My landlord did not renew my lease which ended May 31th of this year; and has given me and my family until the end of August to find a new place to live. I don't why she did not want to renew my ... |
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 Does my landlord want to keep my deposit? |
we rented a house only for six months, no lease, no papers at all. The house was pretty old, but it was in good condition and some minor things that needed to be fix.
We will be moving out this ... |
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 My neighbrs r runnin a drug house, how do can i get out of my lease if the landlord says no.? |
Should'nt he understands this..... and let me out of it?
Additional Details
i live in a duplex and we r right next to each other, do i really have a chance to get out, im trying not ... |
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 Where do you live and how would you rate it? |
I am thinking about moving......
In terms of living costs, jobs, weather, crime, housing, entertainment, etc.
1=Worst 5=B... |
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 Whats the best present for a first home owner? |
| My friend has just bought her first house and now I am stuck with a good present to get her...... |
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 Landlord is going to search property? |
| My Landlord has scheduled an inspection of the house by his property managment company. They gave the proper notice and are coming in tomorrow to look around. I was just wondering what they can and ... |
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 Can I pull out of the sale of my house? |
| I have accepted an offer on my house the prospective buyer has paid for a sesarch, we are 2 weeks away from contract signing. I have decided not to move, will I have to pay his costs?... |
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 What should I do, we have no money for our rent? |
| Our rent is do on the 1st of november. My husband lost his job and just now got another one at this other place. He started on Monday for his training, but we have NO money at all whatsoever. I'... |
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 Do you feel Realtors should be held accountable for foreclosures? |
| Do you feel that Realtors should be held accountable in some way for a foreclosure. Sub-prime lenders may be giving out loans too easily, but who is pushing people into homes they might not be able ... |
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 As a landlord I am going to start giving my tenants invoices for there rent due. What do you think? |
| so then they can't say I dind't have a rent bill or how much was needed to be paid. Do you think this is a good idea also does nayone else here do that?... |
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 Ok..Kind of a silly question..? |
..I've been searching for our house ad online but can't find it. I guess because it's been sold to us,does that mean the title is clear & the closing will go good?
Thanx.
... |
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Renee | Should I get a house for someone in my name? |
A friend of the family sked me to get a house in my name using my credit. He is going to purchase a foreclosed home with equity built already, pull out the equity between $10,000-$20,000, and split the equity with me. Then he says I can just quick deed the house over to him. I really need the money but I don't know if I should do this? If I did it would it affect my financial aid for school and would it mess up my tax return? Someone who is familiar with these subjects please help me. Is this legit? |
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Lori K
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NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
This is a scam and you are the only one with any risk. If you quick deed the house over to him, you have absolutely NO legal standing and can lose everything AND be responsible for the mortgage. If this is such a good idea, HE should do it on his own. PLEASE DON'T DO THIS...YOU WILL REGRET IT. |
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Mary Anne
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No. No. NOOOOOOOOOOOOOOOO. You are young and naive. Don't ever lend anyone any money. |
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Expert Realtor
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He didn't say anything about selling it, did he? He just said, "pull the equity out".
That is because after he pulls the equity out, he plans on letting it fall into foreclosure and letting your credit take the hit and pay you for the trouble.
That is called a "straw buyer"...and it is not only bank fraud, but it is a felony. Lenders are very familiar with that scam and they cost the lending industry BILLIONS of dollars every year in lost revenue. They WILL prosecute people that participate.
This guy is NO friend to you. |
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Blue October
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let me reiterate what Lori K said
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO... |
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Woof
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Watch about a week's worth of judge shows before you commit to that. Friends lending eachother money and other such favors make up about 90% of the cases. What a mess.
In other words NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO... |
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Jackofalltrades216
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NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO...
im sorry, but don't do it .. deals don't work out like they should and its always "family" you end up on Judge Joe Brown er something. I know may need the loot but this isnt it ..just dont. It will affect your tas return (you may owe) and financial aid may not provide all the aid they would originally give you.. they could reduce your amounts in the coming semesters..
This here is a use move. If its in your name all faults to you. you'll be stuck with a house and note. if they dont come thru. This jeopardizes your return and school .not worth the risk.
Quit Claim doesn't release you from the obligation of the mortgage. In order tfor your boy to take you off the loan it will need to be refinanced in his name ...which is not a guarantee which means you could be stuck with quick money and possibly 125% of a loan to pay back.. |
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CHARITY G
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Why don't you just buy the house yourself? He's taking 50% of the profit but your the one left holding the mortgage bill - not a great offer - probably not a good friend. My husband and I buy foreclosed properties and this sounds like a scam - essentially he's getting you to go into substantial debt for $10,000.00. He gets the same amount of money with absolutely no risk - By the way - if your buying a foreclosed home with only $20,000.00 equity - then your buying the wrong home - typical equity in an average foreclosed home for us is about 50k. Run - don't walk - away from this so-called friend. Remember - you will be the one liable for the mortg., taxes, and insurance on the property - not him. |
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Amy S
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1ST thing why is he asking you to do this Does he have bad credit? If so RUN from this "deal" remember if it seems too good it probably is.. |
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Pearl
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I wouldn't do it even for a family member much less a friend. They could leave you holding the bag. I'm not a lawyer, but I have plenty common sense. |
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Landlord
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You need to disassociate yourself from this person. They are trying to $crew you big time.
What is is talking about doing is you buying the house and giving it to him. The problem is you are still stuck with the mortgage. He is not going to be able to "pull out the equity" for a couple of years.
He is going to mess up more then your tax return and financial aid. You need to tell him to "go to ....". |
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Mister Sarcastic
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If it's such a good deal, what does he need you for? |
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?
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DO NOT DO THIS. you are not only putting your credit on the line, but you are putting complete trust in this person who will ultimately hold your financial future in his/her hands. no way. The simple fact that you are asking this question tells me you have doubts, and you should listen to your gut instinct..it is there for a reason. |
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SCH
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straw buyer
- purchaser concealing another: somebody who purchases property for another person in order to conceal the identity of the real purchaser
http://www.flippingfrenzy.com/category/straw-buyer/
http://en.wikipedia.org/wiki/Straw_purchase
This is illegal! Do not do it. |
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Etta P
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That type of transaction is called being a "straw buyer" and this is not legal. This is one of the reasons mortgage loans typically have what is called "due on transfer clause" actually in the mortgage, so if the deed is transferred to another person other than the borrower (deed can go from you to you and another party, but not from you to someone else so adding a spouse as an example would not be applicable to the due on transfer clause) then the lender can and will call the entire note due and payable as that is a breach of contract. If the loan is FHA, then you will be on a federal LDP list in which you may never be able to get an FHA loan for yourself, and it is punished by penalty and/or jail term. Please keep in mind that the only way he can get the "equity" is by owning property that is seasoned by 6-12months and you will have to sign the deed over before he can even apply for a loan. If he doesn't have good enough credit to buy, what makes him think he can be approved for a home equity loan?
Just food for thought. |
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David G
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If you need the money this may be a great opportunity for you.
But don't pull money out. When that is done it is fraud, usually. Typically you can do that if you buy it at 50% LTV with a hard money lender and get the loan at 65% LTV. Then is it safe.
Here are some things you must consider.
1) Consider what you would do if the friend stops making the payments. (Hint, a Quit-Claim deed in escrow)
2) Verify with exact precision the true value of the house and its worth in the next 1-4 years. Proceed accordingly.
3) Will you plan on using your credit for your own reason in the near future? If so, plan accordingly.
4) How will you handle the Due on Sale clause?
If you are competent how to do (1), are confident about (2), and know (3) and (4), all without questions or doubts, you can do it. Otherwise you are putting your credit and friendship at risk - so don't do it. You have to figure out yourself if having a mortgage and income to pay for that mortgage on your taxes and credit will affect you - it may or may not.
What you ask is done EVERYDAY with real estate investors - like me. There are no laws against it and it help all parties out - if everyone keeps their agreements in good faith. |
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I need help!
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Trust NO ONE!!!! |
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MrKnowItAll
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This will definitely mess your credit up. Make sure all your legal paperwork is in place for everything, and make sure you can pay the mortgage for several months in case something goes wrong. Make sure you have an attorney read all the paperwork as well. You could accidently end up signing over the property to him and still end up with the mortgage yourself. Make sure there are no issues with the property that are required to be fixed before you can sell it again. Make sure all the taxes and licenses are taken care of and in place. Make sure the mortage is not written so that you have to keep the property for a number of years before re-selling it. Dont tell the mortgage company that you want to re-sell it quickly - they wont give you a mortgage. Make sure there are no pre-payment penalties.
Overall, be expected to shell out about $20k to $50k of your own money for this deal. If you double you money, you are doing good. |
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