I am currently in the market to buy a five unit multi-family property listed at $ 180,000. Because it is considered a commercial property I’m having a hard time finding a lender that does commercial loans under $ 500,000. I should be able to put 20% down by drawing equity out of another propriety so I don’t foresee there being a problem financing it. I would appreciate any suggestions.

I am looking to purchase a two family home in Brooklyn, NY, where the houses range from 450 – 500K. I make 68K a year, have excellent credit, low to no debt and can put down btwn 40- 50K. I also have another 50K in retirement assets that I can use for collateral. All the mortgage sites I have tried say that I can’t qualify for a loan that high. I don’t think they take into account the extra unit that I will be able to rent out. Does anyone have any advice on what I would need to do to get a loan in that range?

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I am getting a mortgage loan on a house that a family member owns. If that family member turns around and gives me money back from the house purchase what is involved? Thank you

My husband and I are buying a house from my father. He will be the mortgage lender on a 30 year loan. We are happy with this arrangement, but what happens if we decide to sell the house before the 30 years is up?

Press conference and rally against foreclosure of the house of Leslie Parks in Minneapolis on November 13, 2009

I’m closing on August 16, 2010. I’m afraid I can not get short on paying all closing costs and everything. I have a stable job and can be paid at any time. I have a 10K – 15K U.S. dollars. So far I have tried to seat and refused because they did not loan to use as a down for the loan approval. This is the same case with other banks out there? I would not take place due to excessive inspections, call kills my credit rating. Let me know what you have in mind, is really a lot of help.

FDIC: summary at bottom of link

“The savings and loan crisis of the 1980s and early 1990s produced the greatest collapse of U.S. financial institutions since the Great Depression. Over the 1986–1995 period, 1,043 thrifts with total assets of over $ 500 billion failed.”
http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf (PDF)
CONSERVA (below) Try these links
- http://www.rationalrevolution.net/war/bush_family_and_the_s.htm
- http://en.wikipedia.org/wiki/Savings_and_loan_scandal#Neil_Bush_and_Silverado_Savings_and_Loan

Google the rest
CONSERVA (below) “so you don’t think these subprime people should be bailed out?”

Absolutely not! Doing so prevents the inflated housing prices to correct themselves. Greedy people and greedy lenders purposely bought and sold overpriced property for the sake of “flipping” their homes. Now they have to pay, or at least they SHOULD have to pay for their greed.

• Bush family and S&L

Hello,

I have a rental property that my parents would like to take over but I have a mortgage on it. Can I assign the property and related mortgage(s) to them without them having to get their own loan? Right now we can’t do a refi on the property because I bought it during the boom and it’s worth approximately half of what I owe on it.

Using the maximum ratios for a conventional mortgage, how big a monthly payment could the Bacon family afford if their gross (before-tax) monthly income amounted to $ 3,500? Would it make any difference if they were already making monthly installment loan payments totaling $ 450 on two car loans?

a)Maximum monthly payment they could afford?
b)If they are already paying $ 450 monthly on installment loans, the maximum mortgage payment they could make would be?

Can someone help me?!

This is long and I apologize but I am in a situation that has me literally at my wits end. I just don’t know how to resolve it. I will try to stick to the facts and I know that it will sound bad and that is why I need some impartial perspectives. I am an adult with a 70 yr old mother, 6 siblings, and one very dysfunctional family. My workaholic dad died at an early age back in the 1980’s. He left my mother and his 7 children with nearly $ 500,000.00 in insurance money at the time. We older kids (at my mother’s insistence) signed over our rights to claim any of the proceeds so that my mother and her 3 children ages 17, 13, & 12 would be able to pay off her house and have money to live without worry. That was definitely a HUGE mistake on our behalves. While each and every one of my siblings did borrow and did not repay loans of varying amounts from my mother during those early years, my mother mostly squandered it; she didn’t payoff the house and ended up having to auction it off along with her 2 acres years later when she and her 3 children (now adults) wouldn’t work to make a $ 150.00 monthly mortgage payment. I NEVER received one red cent from her, nor ever asked for anything. I worked and struggled on my own. My mother now lives in a used mobile home that she was able to buy and moved onto the land that I inherited from my paternal (fathers mother)grandmother. My mother hated my grandmother and moved her trailer onto it after my grandmother was in the nursing home and over our protests. She had my grandmothers old home burned and made way for her trailer. Another long story, but she did it and being her children we didn’t stop her. My mistake #2. Because my grandmother left me the 15 acres of land including where my mother has her trailer, solely, there have been some bitter feelings. But because she did leave it to me, I have been able to hang on to it, improve it and have willingly allowed everyone access to it (until now). My mother has her trailer on one side of the gravel road and I have my barn and fields directly across on the other side. You can’t just go to the barn without having to pass the yard (aka as the junk heap). She lives there rent free. I have always paid the taxes on it, even before my grandmother died.
My mother who has been an abusive alcoholic most of her life and without a lot of details, was a very crappy mother who made her children’s lives hell and still does now that we are all adults. Yes I realize this sounds like ungrateful sour grapes from me, but believe me, life was very, very bad growing up in her household, especially for her daughters. Her daughters were only good to her as her “slaves” to serve her. Luckily my grandmother lived just down the road and would provide me with love and shelter when things were at their worst. For some reason that I don’t understand, even after years of my mother pitting one sibling against the other, always trying to cause divisiveness and strife within the family between us all, I have felt some unfounded obligation to try and help her out financially, physically and emotionally whenever she needed it. Stupidly hoping that someday she would change. And every single time, after her self induced crisis has passed, she has turned on me, maligning me to my other family members; at least until the next time she needed me, or needed my money I should say. But I digress.
The problem that I face is this: The most recent issue is that after completely financially carrying her on a very strained budget myself for 2 months; and by default my adult 40 yr old deadbeat alcoholic brother who can’t and/or won’t keep a job, I said ENOUGH! After seeing that all of her social security was going to booze & cigs and not paying any of her monthly necessities like utilities, phone, water, etc., I put my foot down and told her that the deadbeat brother had to go. She said NO, that it was her home and that I had no right to tell her what to do in it. I tried to explain that he was and had been draining her of all of her resources and that I could not continue to support them. That if he wasn’t willing to keep a job and mow the knee high grass then he had to leave. She balked, cussed me and said he wasn’t leaving. I told her that since I owned the land that she lived on rent free, that I had the right to say who lived on it. She called me some very vile names and said she’d get a lawyer and sue me. For what I don’t know, but whatever. I left after giving her a list of mobile home movers that I had looked up in the phonebook and haven’t spoken to her since (2 months now). This is not a new issue, periodically we (an older brother and I) have had to eject a brother at her request over the years when they had used up their usefulness to her or it had become physically violent. It was never pretty and it is all so disgusting. I had reasonably cooled down and decided to just let things go until I started hearing how she and my younger siblings (all adults) have been talking me down to everyone who will listen with lies, exaggerations and outright fabrications. We live in a small town and everyone knows everyone. She has spent a lifetime of writing bad checks that storekeepers ask us to pick up because they know we are related; nightly brawls; a yard strewn with beer cans and half starved animals roaming, strewing garbage is just a sample of what we are talking about. The brother in and out of jail for so many DUI’s they don’t bother to pick him up anymore. I suspect that he is also a thief because mysteriously people are always “giving” him rather expensive things. He destroys everything he touches. Another brother who has very similar behavior also comes in and out of the picture as well. He is even more dangerous. Now they have teenage sons who stay there periodically and have deviant behaviors as well. I suspect it they who are causing the vandalism. They were allowed to drop out of school at 14 and have no jobs. The school was glad to see them leave. I swear it is like the movie “Deliverance”! Even so, I have said to my husband that I am willing to let my mother stay till she dies, just not everyone else. But what I really want is to finally be shed of all of them and be allowed to live my life in peace for once.
These people have done nothing but make my life miserable. And if it weren’t for the fact that I have horses at the property, I would say screw it -live like you want! and just walk away. But I have to see this every single day. I live a few miles away. Every day the grass gets taller, the yard gets worse, junk and trash gets thicker. The mosquitoes and flies get worse. I am not going to spend another summer mowing the grass and picking up the messes that they create because of their laziness! I am just not physically able to do it anymore and I am not asking my husband who works 7 days a week to do it. Emotionally I am worn down. My only sibling that was any help dealing with this just informed me that he has washed his hands of it all and will no longer “have my back” in dealing with any of this. Legally I am responsible for the property. And no -I will not just give it to them. My GM left it to me. It is the ONLY thing that I received from this crazy family and she and my grandfather would roll over in their graves if I did. They were well respected people in our community and my husband’s family is as well. I have tried to live a good and moral life as well. I have helped every single family member out over the years many, many times and still they want to malign me. I have never talked about what I have done for them, or what I have given them to them or anyone else. I have never asked anything from them in return but respect. Respect for themselves and for those around them. I just don’t get it. It seems the more I have done to help them, the more they despise me.
But today, the problem is they don’t have the money to move and refuse to go anyway. I don’t have the money to move them and set them up somewhere else. And because they are evil, they have been doing things to my barn and around it. I fear the next thing will be to harm my daughter’s horses. Some pretty sick and clear messages have been left for me in the form of some very sick perverted ways. Nothing I can prove, but I know they did it. Nothing was ever done before and now suddenly, with increasing frequency, vandalism is becoming rampant. The damage and desecration done to the property is heart sickening. I had someday planned to perhaps build a home on this property when we retired. But I am afraid that the damage may take generations to recover from. Everything from the unmaintained septic system that bubbles up into the yard to the dumping of oils, paints and other chemicals with total disregard for the environment is taking its toll. Now instead of my brother leaving, he has moved some tramp in with them and they are all living together in a small, 2 bedroom, single wide trailer on my mothers Social security check. With my other brother coming in periodically and bringing in his teenage sons as well. It is so crazy!! What should I do???? What is the right way to handle this? They will never see any reasonable argument from my perspective

My husband and I bought our house when we were first married and now he has entered the USAF. When the time comes that we are relocated I will be unable to afford to make payments on my current home, as well a paying rent to live somewhere else. With the housing market the way it is it is difficult to sell, and many houses in my area are staying on the market in excess of 6 months. If I am able to finally sell my house, I am afraid I will not be able to obtain the full amount to pay off my loan after early payoff penalties and such.

What is there that I can do other than default on my loan if I’m relocated before I can sell or if I cannot sell it for enough to cover the full payoff amount? I don’t want to completely abandon my financial obligation, but I also am realistic and know that I cannot pay for a house that I’m not living in. I can only afford my payments now because it is my current dwelling.
We’ve considered renting out the house, but we’ve agreed that it is more trouble than we can keep up with at the moment. Plus, we aren’t sure if we could rent it out for enough to cover our payments and if we have any time where there are no renters we are still responsible for those monthly payments.

I’m looking to buy a home from a family member, and they are willing to finance my mortgage as well. We are having trouble finding the lowest possible interest rate they can charge me and have it not be considered a gift. Since its a larger loan amount we want to use the lowest possible rate allowed, but still a rate that the IRS would find acceptable and not consider it a gift or too low for what ever reason. We are going to have our lawyer write up a mortgage contract so payments and everything will be documented. We live in Illinois.

• having lawyer of family hold the mortgage
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• mortgage lowest legal interest

Discuss refinancing our home loan and Department of Veterans Affairs for 6,5%, and the meeting with the representative connection. And display options to reduce the interest rate we have to 5,5%, which constitute a point deduction of $ 291 is supposed to save us $ 131 per month, or 5% with the exit point with $ 2,937 in savings of $ 192 per month. This is a good time to refinance, or should we wait? Also, it’s a good idea, which is the best deal? We are planning to stay in our house for a few years ..

I am exploring financing options through a loan from a family member. I have a number of questions around the legal & tax implications and any other issues to be aware of with regards to this type of loan scenario.

Here is the scope of the loan:
Approx. $ 150k loan
Assume a traditional loan interest rate of approximately 5% (much like any normal bank financed mortgage or construction loan)
We would be looking at a 5-10 year term

1. How can a family member loan this amount legally with regards to taxes, etc.? I know the gov’t has a stict structure for gifts (at no more than $ 12k per year, etc.). Curiouos what structures exist for a true loan with interest earned, etc.
2. What legally entitles the lender to ownership in the value of the home, with respect to the bank? If we were to die etc., what happens to their investment security?
3. What tax liabilities are there on both ends?
4. Who can help structuring a scenario like this (CPA, tax/RE attorney, etc.)?

Thank you!

Press conference and rally against foreclosure of the house of Leslie Parks in Minneapolis on November 13, 2009