Reading the rules it seems you get half the value of the property if you sell it to the bank but you have no title. If you mortgage, you get the same amount, but still have the title. You could then sell the property to another player or unmortgage the property at some later point. Selling to the bank seems like a pointless option. Am I missing something?
normally mortgage would be less or about rent.
the thing in eastern europe is that rents did not increase (as income did not increase and people would not manage to rent) but property prices are up by 60% due to propery bubble (joingin EU) and easily available mortgages, a rent for studio flat is $400 and mortgage $550 plus taxes, insurance, maintenance, etc,
would u still buy a property assuming people say property prices will further increase by 30-40%, in coming years, knowing that rent will cover roughly only 50% of your mortgage and other expenses ?
Do the mortgage companies want to see three years from the sheriff sale date or from when the sixth month redemption period ends. I live in Michigan.
I am not assuming anything. I was told by a mortgage broker that it is three years.
The reverse mortgage will be for my mother who is unable to manager her funds. How can I protect her funds and administer her monies safely? Is it possible to put restrictions on where and how much money is used?
Also I have a first mortgage and also an equity line. I still have money on the equity line. If i spend that before I foreclose will I become liable for that money?
I am financing a pool and was told by the lender that a refinance and a second mortgage are the same thing. Is that correct?
I am closing on a house in the next week in Illinois. I am planning on spliting up my mortgage payment into a bi-monthly payment. Any ideas as to how long after closing before I have to make my first payment?
I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?
Is there a certain day that banks add interest to mortgage loans? I am currently have a mortgage loan with Chase Bank.
Our house is for sale and we want to start looking for a new one. I know 1st time buyers should get a mortgage pre-approval before looking at houses, But if this isn’t our 1st house, how necessary is it for us to get one?