Answers
I own a condominium that I rent out and owe nothing on the mortgage. I've applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
Why not try your ;local credit union allot of them are loaning money right now at a pretty good rate
Home equity lines of credit are a liquid form of a home loan that is available to the borrower at any time, and interest is only paid on what is ...
I am buying a duplex with cash and want to get a line of credit on it. US Bank said they only do homesteaded properties. Are there banks that do non-homesteaded HELOC's.
Or is it too risky to homestead it, get a line of credit, and rent it out anyways.
Thanks
NOPE>
You don't live there, you can't get HELOC. (what part of home don't you get?)
May be able to get a mortgage of some sort. Try community bank rather than giant ones.
I live in NY State. I recently took a home equity line of credit on my investment property. I used that amount to pay off the balance on another home...the one I live in. Now, I'm finding out I'm still unable to get my financial situation under control so I'm considering bankruptcy. If I file for bankruptcy will I be able to keep the home I live in or will it be taken away ( especially since the only reason it's paid off is because I used the line of credit from the other property)?
Thanks
Let me clarify the question:
Will I be allowed to keep the home that I live in?
More INFO: I'm retired and have no income but what I get from my investment property....yet that's not enough to pay the bills.
If you file BK, there is a law that talks about "preferential transfers." Here you took equity out to pay debt of another. The lender who could be stuck with the bad loan can claim it was a preferential transfer and attempt to ask to the court to foreclose both homes in order to be repaid. The transfers are generally looked 90 days and sometimes up to 12 months back on everything you did.
I would highly seek the advice of both a BK attorney and an asset protection attorney to help you.
Good Luck!
I have 35 percent equity in on on property and i have invested 50,000. I want to get some type of home equity line of credit on that particular investment property so i can reuse to funds if some other deal were to come up.. Does anyone know if it is possible and if it is what banks do this? Any advice would be greatly appreciated.
As long as you own under 10 properties it should be easy.
Email me if you have questions.
brandonbroker@yahoo.com
My primary residence's mortgage is all paid off. I applied HELC against it and use the money to buy an income property. Can I deduct the HELC' interest as investment interest for my rental property?? Any tax expert can give me some help, thanks.
You are saying that you took out a HELOC against your primary residence, right?
HELOC interest is tax deductable. It's one of the reasons that they are so wonderful. It wouldn't be deducted as "investment interest", whatever that is, it would simply be interest paid on a mortgage.
The Rise and Fall of the Housing Market | Westchester & Bronx NY ...
If there’s anything I can tell you about the housing market in Canada right now it’s “How little things change!” The housing market across the world is in trouble right now and everyone is panicking, but I think it is important to get some perspective on this situation. The housing market is always consistent in one way, that it’s never consistent, the markets boom and bust all the time!
A good example of this point is the housing market of the 1950’s, the market was booming, housing prices were increasing, things were great and then in the late 50’s the unemployment rate went up and the market crashed. Once again, in the late 80’s we saw a thriving housing market in Canada and then the interest rates skyrocketed and people lost their houses, this situation affected the entire housing market in Canada and house prices took a dive.
...News
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