We are wanting to liquidate a mutual fund of 21k, to buy a house for 20k appraised @ 56k. If we do this we will be broke for awhile and would like to take a no income stated mortgage out. Is that possible? Or is it only for people that don't own their home?
2007-03-11 05:05:34 · 3 answers · asked by PlasticTrees 2 in Business & Finance ➔ Renting & Real Estate
don't own their home=having a mortgage in place @ the time of taking a no income stated mortgage
2007-03-11 05:06:24 · update #1
i think you should write to my address as shown on my profile page, being more specific, because:
based on the scenario you provided, if you cash in your mutual fund and buy a house for 20k, you will still have $1,000 left, correct? you would make a cash purchase of a house valued at greater than what you pay for it, yes? or am i not understanding something here?
why don't you make an offer for $20k with a contingency that you have the time you need to cash in the fund? promise earnest money, too. be sure to give earnest money, even if in the form of a promissory note!!! the higher, the better.
would i purchase that house for $20k if it's valued at $56k by cashing in my mutual fund? yep, sure would!
there are zero down mortgages all over the place. if you buy that house, then you can rent it out, in effect, bringing in income. i do not understand what problem you are talking about here.
2007-03-11 05:57:29 · answer #1 · answered by Louiegirl_Chicago 5 · 0⤊ 0⤋
There is no such thing as a "no income" mortgage. You probably mean "stated income" mortgage. You absolutely can get a stated income mortgage to purchase the property, which would most likely be better than liquidating your mutual fund. Please let me know where you are buying a house for $20k!
2007-03-11 09:50:21 · answer #2 · answered by Scott B 3 · 0⤊ 0⤋
In a foreclosure, the version between what you owe and what it somewhat is offered for isn't forgiven---no longer till you have somethign in writing from the monetary business enterprise that asserts this. Your each physique is idiots. have you ever checked right into a short sale? call the monetary business enterprise and tell them you decide on a short sale--and additionally you decide on the version forgiven. Your credit would be shot for 7 years after the foreclosure--this is how long it remains on there--solid success attempting to discover a house or house on your new state. I wont hire to those with foreclosure--the comparable reasons they have for no longer paying their mortgage grow to be the comparable reasons they have for no longer paying my hire.
2016-12-18 20:03:27 · answer #3 · answered by ? 3 · 0⤊ 0⤋