Posted by Howard on July 25, 2003 at 10:34:50:
The house is currently financed for 75K purchasable for 79K, Value is maybe 85K, but I’m waiting for comps in the area. Credit was very good until I became unemployed, I have RE secured LOC of ~100K but I want to do No Money down.
Can you get a deed transferred to your name if it is held in the courthouse because of the existing mortgage?
ED:Refinancing contract purhase - Posted by Howard
Posted by Howard on July 24, 2003 at 10:32:35:
Hi Ed,
I have an opportunity to buy a rental house on contract from an owner no money down. The owner has a mortgage on it. Typically, in our area if the bank continues to get paid the contract will hold and the loan won’t be called. If I acquire this house on contract, can I refinance it get rid of the prior owner’s mortgage and take out one in my name? and possibly win some cash out? If so how do I structure the offer and how do proceed with the refinancing?
Re: ED:Refinancing contract purhase - Posted by Ed Garcia
Posted by Ed Garcia on July 25, 2003 at 10:05:28:
Howard,
You have not given us much information such as what the house is valued at, what you?re paying for it, what your credit is like, etc.
Advice that you can depend on if your credit is good, is if you purchase the house and deed it into your name, in one year, you will have seasoning and can do exactly as you want.
Ed Garcia