Financing Question - Posted by Chuck Kanupp

Posted by Jim Upchurch on March 06, 2001 at 12:52:56:

Chuck -

I am a mortgage broker in NC. I need a few more questions answered.

Call me at 336-294-9554 and I may be able to help.


Jim Upchurch

Financing Question - Posted by Chuck Kanupp

Posted by Chuck Kanupp on March 06, 2001 at 12:39:16:

I was wondering how I could morgage out the equity in this property. Right now the property is owned by my mother, and she holds a $30k first. She wants to sign the property over to me. Now would she be able to maintain the first and me get a second so I could cash out the equity to fix the house up and pay off some of my personal debt. I need some direction on the opptions I have on this.
My info: I live in NC, my credit is B rated, and if needed
I can barrow a downpayment. The property is valued currently at $70k with $5k in repairs it FMV $82k.
Any help I could get on this would be appreciated.
Thank You,
Chuck Kanupp

Re: Financing Question - Posted by Nate

Posted by Nate on March 06, 2001 at 13:50:21:

How does that work if your mother owns the property and also holds a first mortgage on it? Does she pay herself every month? :slight_smile: