All Forum Posts by: Bret Doman

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Bret Doman

http://www.MortgageReady.Credit

Any thoughts, the house needs to be torn down and now the neighborhood is starting to evolve back into a place worth living in.

It was the year 2006 anyone not buying real estate was considered a fool. 

I was the mortgage broker for a buy and hold investor that ventured into a drug-infested neighborhood and purchased two homes for $145,000 each, the pig's wearing lipstick. Bold rehabbers had supposedly turned the community around. 

What they did not mention was that they kept guard day and night in order to keep copper wiring and plumbing from vanishing before the big payday from the flip. Every home received a new A/C compressor the day before closing and not a minute sooner. OK OK you get the picture.

Tenant left and days later the new A/C unit, plumbing, and wiring also went.

It's 11 years later, the bank has not received a payment in 8 years, they have written off the debt and no longer reports the negative payment history to the credit bureaus BUT the city of Atlanta expects payment for taxes and general upkeep of the yard.

Can a quiet title action be a remedy so that he can dispose of these properties?

Home Equity Conversion Mortgage an FHA loan for folks who are 62 and older which allows you to purchase a home by making a one-time down payment and never make a monthly mortgage payment as long as you occupy the home.

My friend Gordon's plan was to work until he drops.

let's outline one creative use of the HECM for purchase.

• Baby boomer wanting to retire BUT
• Has a $200k in equity in his home (his entire net worth) and still has a mortgage payment of $1,200 that's holding him back from being able to retire. 
• His monthly $1,100  social security check is not going to enable him to quit working.
• The Grand Plan.
• Sell the home that was great for raising kids and close to work, nows it's just a financial burden.
• Use the 200k equity from the sale as a down payment on a 400k 4-plex in a trendy in-town neighborhood.
• The magic for the HECM for purchase is that he never has to make a mortgage payment.
• Let's do the math
• He no longer has his original mortgage payment of 1,200
• Lives in one unit rent's the other 3 for 900 each that's 2,700 minus lets say 900 for taxes and insurance.
• OK, now he has a rental income of 1,800 + 1,200 social security and NO housing expense.
• $36,000 a year forever = retirement NOW for my friend Gordon.