All Forum Posts by: Ryan Fox

@Joy Scher @Brock Dowis- If you're still looking for an attorney these are things my firm can assist with.  

@Michael Plaks- Does the above still apply for 2023?

@Ana Vhan- Contact the Washington State Bar or your county bar association and there's likely a no-cost solution for you..  

@Bill Springer- Consult with your local attorney about it, but I would think you could file a second eviction after they fail to pay the next month's rent.  Put the pressure on them to handle the logistics of responding to two evictions.  This is something that can be done in California to expedite the process.  

*Not meant as legal advice.  For informational purposes only.

@Michael Wachel- In California, where I do evictions, it was more about making sure that you provided the tenants notice that they could apply to the government for financial assistance to pay rent.  If you failed to do that, and then filed to evict for failure to pay rent, you couldn't get an eviction.  It was further complicated because the rules / forms you had to use kept changing every six months.  

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@Terry Clifton- If you did a cash out refinance of your 2-family and combined the 375k + 100k + 45K + 85k, your monthly principal & interest would be $4,025.

As is, you're paying $2600 (mortgage) + $2500 (credit card) + $188 (HELOC) = $5,288.

If you instead paid off $30k of your credit card debt with the HELOC, that would only save you $550 / month, and it doesn't sound like you'd be able to pay anything more than the minimum balance on the credit card, so the credit card debt would continue to grow.

It seems that doing the refi would make sense, although I'm not sure what a "partial claim lien" is.  Is that a silent second mortgage from a prior loan modification?

Best of luck to you, whichever way you go.  

@Nicholas Gangwer- Did you have a written partnership agreement?  If so what does it say about this?  

@Joe Dupa- If you own it in an LLC, the bank is likely going to run your credit, but they aren't too interested in your personal income. They're more interested in the rental income the property produces or is capable of producing (assuming it's a rental).

A HELOC on a property owned by an LLC is called a commercial line of credit. The advantage of it is that it's pretty inexpensive to get set up and you only pay interest on what's drawn.

A cash-out refi will have more expensive closing costs but locks in your rate.  Either option will likely affect your credit score.

There is considerable difference between banks as to how long you have to own the property before doing a commercial LOC / cash out refi. The banks I've spoken to do a commercial LOC after you've owned the property over a year, but they do cash-out refi's immediately after you take title.

@Ellen Womack- Having handled a number of evictions, it is pretty easy for someone to get something wrong in process.  If you haven't done it before, you may make a mistake and then end up hiring an attorney to start the process all over again.  If you really want to learn the process, hire an attorney and ask him / her to send you copies of all documents they file with the court.  Every case is different, and the documents that are filed in one case are not necessarily the documents that are filed in another case, but that may give you some solid background.  

If you do hire an attorney, I'd also recommend checking up on the case through the court's website.  A couple months ago, a property manager I was using for one of my rentals filed an eviction and mistakenly dismissed it even though the tenant had not paid up all the missing rent.  By looking on the court's website, I could tell that the case was dismissed and re-filed.  This delayed the eviction process.  My property manager never would have admitted to me they made this mistake.