All Forum Posts by: Bob Olah

Hello guys, I need a little input here, I would like to take control of a property (buy) that is a rental for a older family member, the mortgage is more than it is worth. My older family member DOES NOT write off the losses (depreciation, common charges, fix up costs, ETC.... YES IT IS A CONDO), because he is on social security and can show a limited amount of money. I am not sure about that. But I would like to buy or take over this property keep it and if there are any tax write offs I can handle it. How would I go about this? He can't refinance and bring the extra money to the table, so how can I take control of this burden for my family member? Or is there another way to negotiate with the bank (BANK OF AMERICA) TO LOWER INTEREST RATE OR SOMETHING? Any Bank Of America contact numbers?
Thank you for the help.....

My dad bought a condo for 140k back in the height of the market,(2005), he was going to hold on like so many and flip it, but you know what happened he had it rented to support the expense etc,etc, He took out a no doc loan interest only for the first 10 yrs then it goes to regular principle and interest for the last 20....... Well the condo is worth 50 to 85 k with a mortgage amount of 108k, with payments monthly of around 1100. in 2015 it climbs to around 1400 a month to pay down mortgage for the last 20 yrs. He is 69 and has limited income and does not show losses. I was thinking of trying to creatively buy this and take over the condo and get it in my name or my LLC. I see that refinancing would not work (money out of his pocket) cant sell it without money coming out of his pocket also..... Any ideas or suggestions? should I put it in a land trust or buy subject to? I can use the write off or losses since I have other property...
thanks guys for the help. I want to help my father....