My grandparents bought a home in 1993 for my parents in cash, no open mortgage. Home is in grandparents name. My parents are divorced and my mom lived in it for 10+ years until January when she passed away. My grandfather is deceased as well and neither of them left a will. Now before I make improvements and pay the back taxes I woul dlike for the house to be in my name and I’ve gotten so much advice, what’s right? I’ve initiated an Affidavit of Heirship, but recently a real estate attorney said I needed to get a deed created to turn the owners from my grandmother (and grandfathers living kids from previous marriage) to just my grandmother and then she could do whatever she wanted. She was the spouse, do they have those rights? (I’m in Texas by the way.) Well then she needed money so she was going to sell it to me for cheap and I was going to try for the 1st home buyer tax credit, nope. I wanted a large loan to pay her, pay the back taxes, pay my debt and give my brother some cash also repair the home. We quickly caught on to the "seller" having to pay taxes on all that money (100k). SO that won’t work. I then had a tax/accounting person say do it as an inheritance your mom died and your grandmother is giving it to you as an inheritance of your mom’s then you can take out a mortgage/ home equity. NO Can’t inherit from someone who is living… AH! What now? A gift? SOmeone help please. House value about 2k in 77546, Texas
Posts Tagged ‘100k’
Advise on managing down payment for new house?
Saturday, October 10th, 2009I am looking for advising on how to make down payment for new house. New house is worth around .35m and I will need to generate around 350k so that I can take loan of m( to get better rates). Options:
1. Take money from my bank accounts, investment accounts.
2. Take money from existing house where I have equity of around 0k.
3. do a hybrid i.e some money from bank accounts like 100k and rest as home equity line of credit.
Additional information :
1. Plan to sell my existing house immediately ( have around 250k remaining loan)
2. Have another condo investment that is negative case flow but it is in partnership with somebody else ( liability around 240k) on that.
3. Income level is around mid 200k
Can you please advice :
1. what is best model in this scenario ?
2. Which option should be best ?
3. Should I consider taking money from my 401k account ?
Building My Dream Home?
Friday, September 25th, 2009I want to build my dream home. The House and Land package is 500,000. Now what?
Does a bank give me a loan on 80% of the home, so I need to come up with 100K? I do not own anything, so does that need to come in the form of Cash? what other means could I do, understanding cash is the best option.
Now, once we figure out the 20% down, what happens from there? The House is built to plan, and then the remaining 400K Becomes my mortgage, and theoretically I have 20% equity in it? Or in these economic times, does a house and land package that costs 500K, really not worth 500K, or is it worth more perhaps?
What are the different loans I will need (i.e. construction loan, mortgage, line of credit)
If i look at "For Sale" homes in the 500K range, can I expect that is what my "built" home will be, in the sense of land space, and sq ft of home? (well newer homes in the 500K range, not forclosued or fixer upper homes)
I have a renthouse with about 45K in equity and I need some. Refi or home equity loan?
Sunday, August 23rd, 2009I am just about to start a new job and have to take tests series 7…I need this money to cover the gap while it is slow, buy an engagement ring, and put some money away for a rainy day. What is my best option right now? I have a 30yr fixed at 5.625. I don’t plan to keep this house for more than three years. It is appraised at around 145k and I owe just under 100k. How much can I expect to get?
I have held the house for just over 4 years.
If you are 40ish, have $300k cash, and $200k in an IRA, would you feel pretty good about where you are?
Saturday, July 11th, 2009also a home with 0k equity. Just wondering cuz I am looking for a new job in a new city and feel pretty stressed. I am proud of how i saved and grew the money but I can’t talk about that in an interview…lol.
Do you think Im able to get some sort of help for my mortgage?
Thursday, June 25th, 2009My wife and I did the right thing and bought a house we can afford. We never miss payments and are not in danger of missing one. The problem is we bought our house for 330k only 3 years ago, it is now valued at 300k. So we owe 315k on a 300k house. We cannot refinance because we have no equity.
My taxes go to bail other people out. I also just heard of a plan where the Govt allows you to buy a house for 200k, but only pay for 100k of it???
Im an honest person, did my homework, work hard for the american dream. Where are the programs for me, and people like me? I would like to save money so I can start a family soon and a refinance would've saved me hundreds a month.
How do I complete the Form 6251 Home Mortgage Interest Adjustment Worksheet for AMT?
Monday, June 8th, 2009I refinanced my 230K loan back in 2005 and cashed out 40K that was not used for home improvements. Therefore my new loan is 270K. I paid 11,900 2008 interest on this loan. I also have a 50K Home Equity loan that I know is not eligilbe for AMT deduction (I paid 3100 in interest on this loan). I am completing the Mortgage interest worksheet on 6251 and I am assuming the line entries are as follows…
1. 15,000 (total Schedule A interest)
2. 0
3. 10,137 (85% of 11,900 – Based on 230K/270K)
4. 0
5. 10,137
6. 4862 (Line 4 Mortgage interest adjustment)
Is this correct? I read conflicting reports regarding refinancing of a mortgage. Some reports indicated that the cashout amount is deductible if it is less that 100K.
Home Equity Line of Credit vs Refinance?
Sunday, June 7th, 2009I am currently in Chapter 13. I filed 10/04. I have a home with approx 100K in equity. I would like to pay my way out of BK at the 36 month mark (approx 16K) , pay off the second mortgage (which was down payment assistance, 50) and pay off some of my student loans. Which will be better refinancing or HELOC? Will I even qualify for a HELOC while in BK? All responses will be appreciated
Invest in Roth IRA or use more Home Equity for Rehab Project?
Thursday, May 28th, 2009I currently have a stash of cash in a money market earning 3.61% APY. I also have a home improvement project set to start later this month. I have enough cash to cover about 40% of the project. I also have a line of credit locked to prime, currently 5.25%. Should I take some of the cash to max out my Roth IRA and thus borrow that much more against the house assuming investments will earn 8% over time – or – should I minimize my home equity debt in the short term. My job situation is good but not great. I am also putting away 5% of my paycheck monthly into a Roth 401K. I have also considered the fact that I could refinance the equity loan into a new 30 yr mortgage after the project. The downside there is that I am currently at 5.25% 5 years in to a 30 yr mortgage. Thanks for your input.
FYI – even if I used 100% of my equity line, I would still have over 100K in equity on my home. I live just west of Chicago. Our housing market here has slowed but notthing like the devaluations of Florida or the west coast.
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