Foreclosure Help Sacramento
April 27th, 2008
Foreclosure Help Sacramento
Question: Buying a house. Can you combine 2 mortgages into one house?
Here are the stats. I am married with a kid and our combined incomes are $80,000 and we don't have too much debt other than our $530 car payment. Right now we rent with my brother and his wife in a house for $750 a couple in Sacramento, CA. There are foreclosures everywhere in our nice neighborhood so my brother in law wants us to go in with him to buy a house. The total payment would be $1800 a month.
If the house costs $220,000, can he get a mortgage for $110,000 and I can get my own for the same amount? I am questioning this because he doesn't have that great of credit while I do. So I really don't want a mortgage with a APR higher than if I got one myself.
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Answer: There are ways of doing this, but like the ENGINEER said, think long and hard about going in with relatives and someone who has a low credit score or bad credit. Also, remember that you can write off the interest, but you will have to split it. one year you, the other him, I believe is how they work that. Seriously, get to a good loan broker and see what options are available to you. Think about the FHA loans and 100% financing. For good credit (above 680) there are options available to you. There are so many creative options, its crazy. You CAN in fact have two mortgages on a home, but I don't know that you can have one and the relative have the other. It MIGHT work. Again, contact a good loan broker and go from there. If you can talk to an owner of a house pre forclosure (ask a title company for a list of recordings of the "notice of default") maybe they will be willing to "get out" for what they owe, which means the house is worth $220,000, but they owe $145,000 negotiate to take over payments, get a hard money lender for say $20,000 to bring the loan up to date to stop foreclosure and pay him the balance of the 20 to "buy" the equity in the home, that goes to the seller in cash. Draw up a grant deed from the owner to you. He may want an "all inclusive" deed of trust to be placed on the property. An attorney can do this for a small fee. You make the payments on your 20 grand and the original loan and any property taxes. Then, you get financing for the payoff on the $145,000 plus the $20,000(do this quickly) and not only have you got the house yourself, at a good rate, but you have instant equity of about $55,000. The only real drawback is that IF the lender on the original loan of $145,000 finds out, they may ask you to pay the entire balance, which is fine, because you are going to refinance it anyway. No big deal. So first, find that loan broker. I don't know any in CA anymore since I moved to Utah.
On a side note, why don't you do the above and then sell the house and now you have a $55000.00 down payment to buy another property. Research....
Darn, I might be able to come up with 20 grand to do this myself! Thanks for the tip! : )
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Tags: demographics, Foreclosure Help, home, realestate, reference, training
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