All Forum Posts by: Account Closed

How long you intend to hold this property ?

What's the interest on the mortgage? Where do you intend to park your savings for the next 3-5 years and what return will it give you?

Normally when you try creative financing schemes with in-laws, they soon become ex-in-laws. Just saying.. ;-)) 

Whatever you do, be open and upfront with her so that she has all the options on the table (offers from others and you).. 

17.8/90*365 = 72.18

Thank-you @evin and @Jim. I am planning to sell this property in the next 4-5 years, therefore a 5 yr ARM is fine. I will check with local lenders. I would rather go with a 75% LTV if one is available with a 5 or 7 year ARM.

Local credit union rate for cash out refi is 3.875% 5 year arm (65% LTV) with .75% points. Can I do better? Appreciate any feed back.

@Kanus "the judgment was filed before the foreclosure"

If the judgment was recorded before the foreclosing lien was recorded, then most likely the judgment will stick. 

@Bryan S. Have you talked to an attorney? What does OH statutes stipulate about not going through a foreclosure sale at the court house steps? In NC,  you will loose your bid money and more if the resale of the property is less than the bid you are walking away.

https://www.ncleg.net/EnactedLegislation/Statutes/...

45-21.30. Failure of bidder to make cash deposit or to comply with bid; resale.

"A defaulting bidder at any sale or resale or any defaulting upset bidder is liable on his bid, and in case a resale is had because of such default, he shall remain liable to the extent that the final sale price is less than his bid plus all the costs of the resale. Any deposit or compliance bond made by the defaulting bidder shall secure payment of the amount, if any, for which the defaulting bidder remains liable under this section"

Not sure if this is the right forum category for this question...

I am in US (North Carolina) and trying to help a friend who is a Canadian citizen to invest in foreclosures in North Carolina. Most likely his plan is to buy, fix, sell or (rent and sell). Does my friend need a tax identification number in US to do this? How do other Canadians (for that matter non - US citizens) buy sell properties in US? Appreciate if anyone has some insight into this..