All Forum Posts by: Jim Huber

I will  let you know  It is a 30 yr fixed loan

This is what is up with the deal  This contract I have with the Tenant in the lease option is 210K and it Appraises at 270,000. Half of the equity gained each month on the note goes to the Tenant  and half to me and this is in the contract  My intention is not to do a number on this person,but I would like to get the deal done. If he is unable to do the deal would there be a market to sell the paper on this home ?

I have a Tenant who has a Lease Option to buy and a Rental agreement on one of my homes.This lease option contract comes due in the next few months and I am certain this Individual will not be able come up with the Financing or money to purchase the house.This home is in Florida. This home has increased in value roughly 60 K above the lease option price that me and the buyer agreed on stated in the contract. This person has a non refundable binder which I assume he would lose if he could not complete his end of the agreement.I understand that the contract would dictate what happens but are there any other options or angles on this ? Could I sell the paper on this deal or are there other non traditional ways for him to come up with the money ? My intention is not to push him out but I need the money on this deal and want to get out from underneath this house Any thoughts ?

The loan is a conventional 30 year loan have had the loan right at 10 years and have no late pays over 30 or 60 days Alweays paid on time? I am right at 80 percent LTV

I have a home that is right at 81 pecent LTV or Loan to value I live in Jacksonville Fl .I initially financed the home as an investment property and have asked the Mortgage company to drop the PMI insurance.They state that the LTV should be at 70 percent and if the property is appraised by their people and meets the 70 baseline they will drop the PMI insurance.I* reside in the home have homestead on the house and have the address on my drivers license. How should I approach this? I will be able to drop my payment by roughly 100 dollars a month.I thought the federal guidelines on this was 80 percent.I think I could meet the appraised value criterea but would like to wiggle out of this expence if possible? Also any thoughts on maybe Govt programs to get this refied as my homestead my income is not great? Thanks for your help !!

On her end she is Uncooperative except for the fact that she wants the house and will sign a contract that she will pay me money over a period of time.I guess my question is will payments by her over a period of years also spread out my tax burden over those years or will I be responsible next year for the tax liability?  Thanks

I have a rental home with an old Girlfriend  I know not smart !! I do not want to have any interest in this home and have decided to quit claim my interest in the home back to her.I am not on the Mortgage.My CPA informed me that becausae of the number of years it was rented  Depreciation etc that my income tax burden is around 8K. Is there any way to defer this tax burden or minimize it? I read somewhere that if she agreed to an agreement to pay me back for my interest this would affect the tax situation?Thanks

Thanks

I failed to mention that she is uncooperative except for the fact that she wants to keep the house.Legally As half owner could I execute this without her being on board? I like the idea but I could not consumate the deal in four years without her consent? any thoughts?

I own half interest in a home in Florida with an X girlfriend.She is incarcerated

and will be for the next four years.She has no income or assets and wants to retain the home even though I am paying for all the repairs. The home has equity in the neighborhood of

35k total.I had planned on giving my interest in this home to her until my CPA informed me that if I dispose of the property I will roughly have a 9K tax liability I am on the quit claim deed but am not on the mortgage.I want to dispose of this property for financial reasons.I have paid the Real estate fees to sell the home.I am looking for ideas on this situation??