Daily Archives: June 3, 2009
Where Are All The Fantastic Real Estate Deals?
All this commotion in the news lately about the $8,000 tax credit and foreclosures and great deals and falling prices has put the idea in my head that…
Why Won’t The Mortgage Lender Refinance This Investment Property?
Are you thinking about buying investment property now that prices have dropped? Unless you’re paying with cash, you’re probably trying to figure out h…
Credit Card Debts Can Be Sold To Debt Collection Agencies
How long do you owe a credit card debt? If you haven’t paid on a credit card debt for the past five years can a credit card company still sell the debt to a collection agency? What is the statute of limitations for collecting on a debt?
Lender Refuses to Refinance Investment Property
Two real estate investors own an investment property together. Both names are on the deed, but the mortgage is in one partner’s name only. The partner listed on the mortgage now wants out of the deal and has agreed to sell his interest in the property to the co-investor for $30,000 that is left on the mortgage. But the lender won’t allow the loan to be paid off, and has told the real estate investor that he must get the property appraised and then get a new loan for the amount of the appraisal. None of this makes sense to the real estate investor. Why can’t he pay off the mortgage?
