All Forum Posts by: Michael Cote

The title says it all. Are there any repercussions for backing out of an accepted contract before earnest money is even given? Can you get sued?

@Josh Mitchell what if he is the only one one the mortgage, but we’re both on title? Such as in a subject to or quit claim deed scenario. Can I do a cash out refinance without actually being on the original mortgage?

My uncle and I own a property 50/50. Could I do a cash-out refinance on just my portion of the property? Will my uncle have to sign in order to allow the cash-out refinance to happen? Will my eligibility to get the cash-out refinance depend on his credit and income, or just mine?

If my uncle and I are both on the deed, and I'm wanting to get a HELOC, will it require his credit score to be decent? He has a bad score at around 540, but mine is around 750. Is there a way to get the HELOC without bringing in his bad credit? What if I wanted to do a cash-out refinance? Will that also depend on his credit since he is on the deed?

Awesome, thanks man!

If my sister, my brother, and I are all on a deed to a property. What happens if one of us takes out a HELOC on the property? Do they have get the approval from the other two people to even get the HELOC? How will it effect the others credit scores if the HELOC isn't payed on time? Can the lender foreclose on the property if the HELOC isn't paid? Can they get a HELOC based on their portion of equity in the property, or can they use all the equity in the property? Many questions, I know, but all very important to know!

My uncle and I both own a home and are on the deed. The mortgage is under my name alone however. The question is, who gets to claim the depreciation deduction on taxes? Would it be me because I’m the sole mortgage holder, or can you split it 50/50 with the other people on the deed? Because he makes a much higher income, it would seem to be smarter to let him claim the deduction and just split between the savings he would make. Is this illegal?

If my sister, my brother, and I are all on a deed to a property. What happens if one of us takes out a HELOC on the property? Do they have get the approval from the other two people to even get the HELOC? How will it effect the others credit scores if the HELOC isn't payed on time? Can the lender foreclose on the property if the HELOC isn't paid? Can they get a HELOC based on their portion of equity in the property, or can they use all the equity in the property? Many questions, I know, but all very important to know!

@Kerry Baird thank you for answering! What if the property was split 50/50 with another owner. Would you only be allowed to get a HELOC for half of the equity?

Title says it all. But in my specific situation, I’m looking to buy my uncles house subject to his existing financing. I’m just wondering if I can do a subject to in my name, or will it have to be in his?