If you get an equity loan at an owner occupied rate and then find out you need to move 2 weeks later can you buy another home and move without having legal repercussions?
217316
Yes you can move, absolutely.  Your lender will NEVER come and knock on your door to make sure you are still living there. You can even have your loan statements sent to an "alternate address." If you want to be completely sure and honest, ask your lender, they won't change the conditions of your loan just because you ask questions.
557813
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect
572896
You will generally get a better rate from a cash-out refi than from a home equity loan, but the equity loan will be paid off sooner.\n\nHowever, if you already have two mortgages, it sounds like you're overextended and probably should not be taking more equity out of your house.
676844
I was in a simialir situatio to this a few years ago, except I didnt have any land.  I wasnt able to get a construction loan without putting up my half of my current shared house as collateral.  It was kind of a sensative area legally I was told.  It ended by my ex having to buy me out and paying off the remainder of the loan so she could own the house outright.  It can be done, you just need to investigate.
167483
When we wanted to get into a new home in a good neighborhood - the housing market was a seller's so we put our place up for sale with a specified date that we could be out by - our home sold in less than a week (this was in Sept. '05) we didn't have to  be out of our place until Nov.1\n  Friends of ours did a subject to sale of home purchase- when they wanted to buy another home.
583199
if you can find a lender\nthe problem is you already have a lien on your property from first mortgage \nand in case of foreclosure the first mortgage holder  could sell for what is owing and the other company would get nothing as they are the second lien holder
197147
hey, I got this one...the answer is NO. Next question.  Not paying your rent can lead to 1) a bad reference against future rental opps, 2) a strike against you if you try to buy a home through a mortgage 3) you might get sued (and you will lose both the rent and the court costs and fees 4) you are probably referring to your security deposit as the old (first and last) month's rent.\n\nIf you read your lease, I would just about guarantee you it says you must give at least 30 days notice to leave and you may not use your deposit as your last month's rent.
167426
Yes and no.\n\nI have purchase a house in short mortage basis and another on a longer mortage.\n\nYes, it will put your payment issue over as quickly as you can, straight up your budget/finance and become liquid again in 2 years.\n\nNo, my opinion as a person having monthly paymnent on home, by paying off early, your business relation with your banker is only that long, not long enough to establish a better relation. \n\nOne thing I learn from a CEO, you don't always borrow money from the bank because you are financialy short, you borrow because you need to establish a relation with the bank, in a way that someday when you need to have a credit line, bank knows you enough that they can give you the loan instantly. By having a longer term payment, making your payment on time, keeping a good record, you become a favorite client of the bank.\n\nAnd someday, just maybe someday you have a good business opportunity, your bank will be your saviour.
654292
I am 99% sure that the answer is no.  If you are not on the tittle then you are not the owner of the home.  You should really double check with a lawyer if you are thinking of taking possesion.
74973
Yes, \nIf you want the property, you have to comply with the conditions of owning it.\nNote, I am sure there is a provision of recapture, if you sell or move within the 5 years.\nMeaning you will have to pay a penalty fee of sorts, if you do not comply with the agreement.  There might even be a clause that allows the city to foreclose, if you don't comply, so make sure you understand the conditions of the contract.  \n\nUsually, a deal like this is worth the investment if you follow the provisions of the contract.  Cities don't want investors in such transactions, that is why they put a timeframe of ownership in the contract.
175559
You can get one now. There's no waiting period to get an equity line as long as your lender can verify with the county recorder that you are the recorded owner. (usually it takes a few weeks after purchase to show the new homeowner in the public records.  Oh, and its usually easiest to get your equity line through whomever you have your mortgage with!
250716
It sounds like you are in the IDEAL situation for what is called a "contingency" agreement. Put your house on the market and start looking for a new house. If you have no income and the only money you have is from the sale of your current house then you can sign a purchase contract with another seller that says you will close on the purchase of their home contingent on the sale of your current property, which, in regular words, means you can buy their house as soon as yours is sold!!!\n\nThere is also the option of a bridge loan. These are secured by the equity of your current house and gets paid in full once your house is sold. These work well but you have to pay interest on them just as you would a regular mortgage. I would speak with a mortgage broker after you get in touch with a real estate agent!!!!
219556
No, if it is your principal residence, and you sell within 2 years.  However, if this is an investment property, and you are using that money to buy another investment property.  The transaction could be set up as Sec. 1031 exchange, which will result in a tax deferral.
627739
Every state has different laws, but I have never heard of one that allows you to get out of the lease because you move out of the area.  You can check on your state's web site for regulations regarding rentals though!\n\nYou may be better off paying the one month left on the lease and getting your deposit back than losing 2 months and the deposit.  There isn't much you can do about it  :(\n\n:(  sorry!\n\nGood luck with the new job!
582429
It is a foreclosed home and the bank now owns it and is trying to sell it. If you are looking to buy an REO (Real Estate Owned..A fancy word for The Bank Now Ownes It) be prepared for a bidding competition with other investors. Get as much information as you can about the property  as you can. REO's can take time depending on the bank. I have done REO's that have taken up to 2 months and others that were less than an month. It really depends on the bank and how many people are bidding on it. \nhttp://www.lendermark.com
338133
I would locate a property that you liked (meaning something you would live in), from a seller that has just recently sold a house (seller) and that the seller carries an owner-financed mortgage/cash for deed on it and purchased the seller's note at a discounted price (cashing them out). The entire process take about 2 weeks to 45 days to close.
295150
Since the interest that you pay on your "Owner Occupied" home is tax deductable (even 2nd mortgages and Home Equity Lines of credit) where investment properties (Non-Owner Occupied) interest is not, I personally think it would be better to use the equity in your current home to put money down on an investment property. Plus, putting money down on the investment propertey will most likely lower your interest rate.\nBUT, with all that being said, I don't know full details of your financial situation and strongly suggest going to your financial planner for further information. If you don't have a financial planner, I know that Ameriprise Financial Advisors is a fantastic, safe company to deal with (formerly American Express Financial Advisors until they broke away from them last October). \nAnyway, best of luck with all this.