All Forum Posts by: Tanya Judd

Any ideas on how to tap into my equity on a property I have owned for 4 months?  I have tried to refinance it twice and am being told I have to own it for a year.  It was a buy owner deal.  I have lived here for 4 1/2 years.  I only owe $20,000 and It was just appraised for $165,000.

Thanks so much!

Does anyone have any advice on how to get money out of a newly acquired property? My name has been on the deed for almost 2 months. It's 1 1/2 acres of land in Florida with a manufactured home. I owe the original owner $20,000 and it's property value is about $150,000. The mortgage company I was using said they could do it, but now they said my name has to be on it for 12 months in order to refinance. I will be renting out in the next year hopefully when I finish renovating it. Is there an option for HELOC or hard money lending? I don't know how this works.

I am wondering if anyone can help me with next steps. I have been leasing a mobile home on 1 1/2 acres of land for 4 1/2 years. The owner is elderly and wanted me to transfer it to my name before anything happened to him.  I talked to a mortgage company and was told my credit cleared and everything was good to go for a refinance as soon as it showed up at with the county appraiser.  I would be able to give the owner his 20,000 I owed, which we signed a promissory note for.  As well as get out additional cash to pay off some debt and do some house remodeling.  My goal is to use this as a rental in the near future.  The person I have been dealing with started coming back with all sorts of issues (the lender doesn't do mobile homes anymore, he found two more that would but now I have to wait until November, I can do it now if I have someone else sign with me because my student loans count against me even though I am on a repayment plan of $100 a month for 9 more years).  I am so confused.  Is there any other option I have to get a refinance or equity line?  I have been on the deed since december 13.