2007-03-26 02:47:17 · 9 answers · asked by juicyjosie06 1 in Business & Finance ➔ Renting & Real Estate
if your object is to release money tied up in your property then just re mortgage,much simpler and the house stays yours..downside higher mortgage re payment but all else is working for you as house prices are unlikely to go down as the population also increases with the influx of people(they must live somewhere)they havent the building land or the ability to build them fast enough to keep up with demand.
2007-03-29 21:52:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you miss a rent payment then you're out! Are you still expected to perform regular maintenence on the house, or if the roof goes will they come out & fix it? I mean, it's not yours anymore.
People sometimes want $ so bad they only think about the up side and don't realize the down. That's probably how these companies get away with this.
Sounds very scary.
2007-03-26 07:04:09 · answer #2 · answered by babypocket2005 4 · 0⤊ 0⤋
the clarification that this is occurring is that when you purchased the valuables you have been given an proprietor occupied interest cost. there is far less threat in lending funds to somebody for his or her abode than there is in lending to somebody for an investment. this is much less complicated for persons to stroll faraway from an investment than this is to stroll faraway from their abode. maximum probable, on your man or woman loan documents there's a stipulation which you would be dwelling in the premises. this is the place they have you ever. maximum loans enable for proprietor occupancy for a million or 2 years till now they permit it to now no longer be proprietor occupied. That solutions the why they are doing this. the guy who spoke back approximately calling the loss mitigation branch has the applicable theory. call them and enable them to appreciate what transpired. they'd permit you out of the requirement with a notarized letter out of your corporation pointing out that the situation which you have been going to settle for on no account got here to fruition. like all different answerer stated, enable them to appreciate that in case you are able to no longer lease it out then there are basically 3 strategies. short Sale, Deed-in-Lieu or foreclosures. All those strategies fee the economic agency funds so as that they'd launch you from the landlord occupied clause. in the event that they do, get it in writing so which you do no longer could pass with the aid of this returned. another ingredient that would take place is that because of fact the abode grew to become into on no account proprietor occupied, they'd say the only answer is to restructure the own loan right into a non-proprietor occupied one. This many times tacks on around a a million% greater interest cost. solid success!
2016-12-19 14:08:25 · answer #3 · answered by ? 3 · 0⤊ 0⤋
The big catch apart from being a tenant in your "own house" you will get nothing like market value when you sell your home to these people. I've heard unconfirmed figures of 75% down to as little as 66%.
2007-03-26 02:53:24 · answer #4 · answered by Del Piero 10 7 · 0⤊ 0⤋
Yeah the catch is ...it's not your house any longer. No matter if you stay there for 50 years it's never going to be your house again. If you miss one rent payment ...out you go !
2007-03-26 02:51:05 · answer #5 · answered by ? 6 · 1⤊ 0⤋
Yes only do it as a last resort, it is nothing but a con.
2007-03-28 03:29:57 · answer #6 · answered by Janet C 2 · 0⤊ 0⤋
Leave it!!the benefits are theirs, not yours//catches ? legal! but they are not on your side and the last point is your children loose their inheritance
2007-03-30 00:33:38 · answer #7 · answered by srracvuee 7 · 0⤊ 0⤋
The Golden Rule... if it sounds too good to be true it is... these are just a scam... don't do it.
2007-03-26 02:54:45 · answer #8 · answered by HOLLY C 2 · 0⤊ 0⤋
its not worth it. i dont no how it works but there are loads of stuff hidden in fine print!
2007-03-26 02:51:29 · answer #9 · answered by steffibaby24 2 · 0⤊ 0⤋