My grandfather thinks so...thats seems odd to me, can give me any information about this?
2007-08-05 13:18:06 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Several years ago there were laws that prevented you from taking out a mortgage on a home you already owned. It was designed to protect you from borrowing against your homestead and maybe losing it to foreclosure.
I remember a lot of Brokers telling people it was a risky idea to pay cash for a home because they could not borrow it back out if they needed to later.
I am guessing this is where your grandpa got that idea.
Of course you have always been able to pay cash for a house here.
2007-08-05 13:56:23 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
Of course it's not true. You are entitled to pay cash anywhere for a house, if you have the cash on hand. Grandpa seems to have some very odd notions in his head.
2007-08-05 13:36:00 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
You can always pay cash for anything in the U.S. Be aware, however, that large cash transactions usually require special reporting to the IRS and may trigger an audit or investigation as to where this much cash came from.
They use this as a tool to "sniff out" drug dealers and terrorists.
2007-08-06 01:29:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
nope not true
2007-08-05 17:32:23 · answer #4 · answered by jeanniep 5 · 0⤊ 0⤋