Home Buying ? Relators Help!!!!!

[djjimhat]

Here's the scoop.

My homie is going thru a divorce well almost girl gone not coming back blah blah. Anyways he and his soon to be x wife just recently bought a crib (home) that had some 2 year agreement where as he's some what stuck with the house.

Me being in a apartment tryna graduate to a home thought it might be a good opportunity to upgrade to a home and at the same time help save my homie's credit.

It's been almost a year on the contract. So if we swap I'll up hold the other half of the contract.

I know but don't know exactly how much interest he's paying think 5% on a 125k. 4-2-2

I don't know is how this whole realestate thing works(not my cup of tea).

So I'm tryna get some input on this. Is this a good move, the risk (besides the thank you for the help you need to get out my crib now).etc.........

 

[Real1]

What type of two year agreement are you talking about where your boy is stuck with the house? Your boy probably isn't as stuck as he thinks.


FHA financing or other types of financing may say you are supposed to keep the house for two years. Most will allow exceptions for hardships. Divorce counts as a hardship.

If it is a brand new home, the builder may have placed a deed restriction on the property that says if you the sell within two years, they can take a portion of or all of the profit. Hardship exceptions usually apply.

Or you may be refering to a Pre-payment penalty. There is no way around that. Your boy will just have to pay. It should only amount to $1,000 or $2,000 on a loan that size.


You can take the house "Subject To" the exsisting mortgage. (Go to www.creonline.com to get a better understanding of "Subject To".) However, there is some risk with the impending divorce. The ex-wife may change her mind and cause a trouble for everyone. She could easily call the mortgage company and say "I don't own the house anymore". They could in turn call the loan due immediately. It's called an acceleration clause or a due on sale clause. This clause states that an owner can't transfer ownership or ownership interest in the house without first paying off the mortgage. Remember, the mortgage company extended credit to your buddy, not you. We do purchase properties Subject To the exsisting mortgage. We are just careful to tread lightly.

 

[djjimhat]

Kind of had a idea that about the ex-wife situation. I'm pretty sure he has a pre-payment penalty that he's facing. Don't think he was aware of the amount though.

Thanx again for all your help.
Don't think I'm going to mess with it.

 

[Lick]

Here's the scoop.

My homie is going thru a divorce well almost girl gone not coming back blah blah. Anyways he and his soon to be x wife just recently bought a crib (home) that had some 2 year agreement where as he's some what stuck with the house.

Me being in a apartment tryna graduate to a home thought it might be a good opportunity to upgrade to a home and at the same time help save my homie's credit.

It's been almost a year on the contract. So if we swap I'll up hold the other half of the contract.

I know but don't know exactly how much interest he's paying think 5% on a 125k. 4-2-2

I don't know is how this whole realestate thing works(not my cup of tea).

So I'm tryna get some input on this. Is this a good move, the risk (besides the thank you for the help you need to get out my crib now).etc.........

Okay Dawg,
You did not give us much to go on. However, most notes on a home are 15, 30, 40 & you can find 50 years now. The two year thing I’m sure it is the pre-payment penalty. Sometime that can be negotiated if the new owner stays with the same lender and not much equity. Most lenders like to see 10 to 20% equity in a place.
Real Estate is always a good deal as long as you don’t buy it over priced!
What State and City? Talk some business.
Stay up!

 

[Zyin]

depending on what state you are in you can find more information on a "Mortgage Bond"
works very similar to a lease option. the beautiful part is you can actually refinance the property at the end of the 12 months

This will allow you to more easily qualify for the loan for your would be purchase but actual refinance b/c you will have a year of payment history.

If you are currently facing any other challenges (credit or qualifying wise) let me know through a pm and I can put you with some people who will assist you in gettng everything in line so you can qualify for the mortgage

everything from reporting the payments on your credit reports for you as well as ANY OTHER MONTHLY PAYMENTS you have on anything else to help increase your scores make everything a little easier for you

 

[djjimhat]

Goodlooking out on all the help. I know I mentioned that I wasn't goin to mess with the house but I think I can get the ex-wife to agree to the deal.

Spring, Tx is the location of the home. 30 year agreement

I curious to know is there a legit way for us to swap?

 

[Lick]

Goodlooking out on all the help. I know I mentioned that I wasn't goin to mess with the house but I think I can get the ex-wife to agree to the deal.

Spring, Tx is the location of the home. 30 year agreement

I curious to know is there a legit way for us to swap?

Yes... If there is equity in the place they could do a gift of equity and a quick deed... There are a lot of things you can do. However, if the credit is not good you may run into issues. So beware!
Stay up!