My dad and I are looking to buy an investment rental property together and I don’t want his wife to be involved. Can he buy it with me or since they are married and it is communal money, she has to be involved too? The rent would cover his half of the mortgage.

I plan on becoming a landlord, but I’m just doing it to move in w/my boyfriend. I’m actually taking a loss to do so, i.e. my mortgage is 1110.00 a month, my condo fee is 300.00 a month and I will be renting out for 1300.00 a month. Do I claim it? If so, how? I feel like I shouldn’t have to pay taxes if I am not making $?

I need some serious advise as to how to invest this money. I already have RRSP savings, we are home owner (still paying a mortgage). What suggestions and how should I invest so that we can continue to live and enjoy life. I am interested in short term investments where I can get my money at short notice. I have suggested to invest in another house and become landlord. He is saying put it in the bank and work with the small intrest given. *We live in Canada*

Bankruptcy cleared in Feb’09. Told bank to take it, they didn’t now it is going to auction. They want me to do a short sale, we moved 4 hrs away from where my house is, It flooded in June.06, so bad that we completely gutted and took of the siding on the house. We bought it in June’05. Have a 80/20 mortgages on it.
I have told the bank that has the 80% mortgage since Aug of ‘06 to take the house. Husband lost his job in May’06. We havent lived in the house since June’06 no money to fix and repair flood damage.
Can they go after us for the house? Will this hurt our credit more?

What makes them "worthy" of getting stimulus aid?

Why should they get any assistance after what they have done to us America?
Their unethically construed way of business has deeply negatively affected every American with or without mortgage’s through them.

In my opinion they should have to help pay off all the stimulus bills…or at least be bankrupted and forced out of business by the government.

Let’s here what you guys think…

Article Link Below.
http://news.yahoo.com/s/ap/earns_freddie_mac

IF the path from Mortgage to Asset Based Security is expalined … will be great

What does it take to qualify to buy investment property? At a discounted rate (because of the times). What kind of credit/assets/day job income/present mortgage does the bank look for? Will my main home be in trouble?

http://www.youtube.com/watch?v=_MGT_cSi7Rs

In contrast, McCain warned of the coming mortgage crisis as he pressed in 2005 for regulatory reform of Fannie Mae and Freddie Mac. McCain pointed out Fannie Mae’s regulator had stated the company’s quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company’s senior management, which resulted in a .6 billion accounting scandal.

I’m 31 years old and I want to be secure financially when I retire. Can I make more money after 30 years by buying a house and renting it (planning on buying a 0,000 home and having renter pay half of a 00 mortgage) or investing my money in mutual funds. I’m a teacher, so I have 403 b tax shelter annuity available to me.

I have high income, but bad credit (645). My low credit score is a bit of a mystery to me. I’ve never gone into severe credit card debt, I’ve had two auto loans I’ve paid off satisfactorily, and I’ve had student loans I paid off satisfactorily. There are some bad marks from accounts I thought were closed and paid off but remained opened (I paid these the instant I discovered them), and a series of late payments due to credit card fees I didn’t realize I has acquired on a card I rarely used (we’re talking less than 10 dollars). Even bank agents see my credit report versus credit score and scratch their head.

In attempts to fix this I’ve opened credit card accounts with high limits (had to go the secured route first), no budge on my credit score. I’ve used them and paid them off, no budge on my credit score. I’ve paid off all my debt and now have {content} in debt, no budge on my credit score. Buy anything I can on credit and pay it off, no budge on my credit score. I keep adding good marks and my score goes no where.

I’m responsible with money and yet I’m stuck not being able to buy a house. Is there anything I can do to help improve my credit score? I feel like I’m stuck in a credit catch 22, I keep getting told I need more cards with high limits or a mortgage to improve my score but I can’t get either because my score is so low.

Has anyone who’s been in this situation have any advice?

In reality it was an entrenched financial construct designed by democrats, and for democrats, to triangulate funds into campaign coffers that was responsible for the mortgage debacle and subsequent world-wide economic collapse.

Is it really fair, or is it simply convenient, for democrats to accuse Bush of handing them a bad economy?

My father is seeling the house that we grw up in. The house is in bad condition and needs to be gutted out and redone. The hous is on the market for 0,000 but he would probably accept an offer of ,000 and give the buyer ,000 to repair. I don’t have much established credit but I was wondering if I would be able to get a loan. If not what steps can I take. The mortgage won’t be that high because the house is cheap. I was thinking about hiring a contractor to fix up the house then renting it out to section 8 clients. let me know what you think.

I bought my primary residence 2 1/2 years ago for ,000 and put ,000 into it (it was a "fixer upper"). It now appraises at 5,000.

I plan on refinancing my ,000 mortgage to pay for the debt of ,000 (mixture of credit cards with 0% intros that are running out!) and to make a 20% down payment on an investment property (so I can avoid PMI). I plan on getting another slight "fixer upper" and only want to put in 10-15k into it. I will rent it out for a year or so until I think ive reached a good profit and sell it. Plus I only want to have to pay 15% tax rate instead of like 33% (long term investment).

I am not familiar with refinancing. Should I first get a contract on a property so I can refinance just enough to pay the debt, 20% to put down on the house and alittle money to fix it up? OR should I just estimate and refinance now and keep that money in the bank. I would hate to pay interest on money just sitting in the bank. Or do you know another way of doing it?

My husband and I want to buy a house. It would be our first house. We currently pay 0 a month in rent without a problem. We have no credit card debt, but horrible credit from stupid decisions made when we were younger. Is there a financial advisor or mortgage person we that could help us in telling us exactly what to do to fix our credit problems?

If we pay some of the things off on our credit report, does that make our scores go up? How long does it take for our credit scores to go up?

I’ve found the going rate for 3+ BR 2bath homes in my area to be 0k+ .
My home has 4BRs, 2Baths. I had bought it as a fixer-upper. Due to my unemployment and disability in the family I have to sell.
I know that nobody is going to pay 0k+ for my house. In my estimation it needs about – k worth of work to really fix it up into tip-top shape.
I want to price the house at 5k so a prospective buyer knows I’m taking the fix-up expenses into account, and hopefully drawing in a maximum # of interested people to bring a quick sale. This leaves less negotiation room on offers less than 5, I think someone willing to take on a fixer upper would find this place to be a great deal at 175k.
Alot of people are telling me to price higher, but I need a quick sale – I can’t afford the mortgage for much longer.
At 175k, I can pay off ALL my bills (incl mortgage) and have money in the bank.
Is this a crazy idea? What do you think? Alternative ideas?
Hokie – I’m in New Jersey. In my town, a 2BR 1Bath Condo is selling for 0,000.
i don’t think those condos are gonna sell at that price, since a 3BR house is listed at 9k. I’ve also looked at recent sales information (I have an aquaintance in real estate) and people are getting over 0 for similar homes.

Maria – I’ve still got some wiggle room at 175k. It would come down to how much I can get into the bank. But my minimum number includes a certain dollar amount that I want in the bank in order to make my necessary move happen. I don’t want to shaft myself out of extra $$$ if someone is willing to pay it.

Thankfully, I know I won’t totally lose money even if I had to drop the price to cover the mortgage & home equity loan, without paying off all the bills. I’m close to a job offer, but that is closer to the relative I’m going to be caring for and at a pay-cut.
Doc – I’m planning to do for sale by owner first to avoid paying commission to anyone.
Here’s my strategy – - I’m really hoping to get 0k for the house – that way all my bills are paid and I’ve got enough money to go into the bank.
I figure if I list @ 5, I’ll get plenty of interest and the first offer of 160 or more would get it.
I’m not actually hoping to get 175, although it would be nice. I know not to price the house at my bare-bones, bottom-line absolute minimum I need to sell for.
I know people are going to want to negotiate.
Is 15k enough of a cushion to negotiate on.
If somebody got the house for 160k, put 40k into it and fixed it up, they could easily list it for 250 or more and actually get that price. They’re happy ’cause the house is worth more than they put into it and I’m happy because I sold for what I really want to get.

I am 21 years old and i am trying to buy my first home. I keep hearing about the housing market in the news but i don’t understand much of the terminology. Is it a good time or a bad time to take out a mortgage?

In general, how difficult is it to refinance a mortgage with Fannie Mae or Freddie Mac. Heard recently that their caps have been raised 2% and that future cap increases will allow more borrowers to refinance out of predatory loans. What steps need to be taken in order to initiate such a refinance other than simply contacting a lending partner of those two agencies?

trying to fix my credit to buy a house.. I love where I live but I rent and the owner is losing the house by 12/30/09 trying to by it before then I don’t have the best credit but working very hard on it and trying to find mortgage lander that will be willing to give me a loan is Very hard..I didn’t open any new credit from 2003 I use to think to much credit wasn’t good but not much credit is just as bad..need help with getting a loan fast.. I have ,000.00 for my down payment . I have put so much of my own money in this house its not even funny..

Is it because Countrywide’s CEO Angelo R. Mozilo and Fannie Mae’s CEO Franklin Raines are BIG TIME LIBERALS?

Even though those two men have single handedly brought the US Economy to its knees…

What, liberals can do no wrong?

Obama puts Raines on his payroll and accepts a 0% mortgage from Mozilo?

What is the definition of a BRIBE anyway?

Does anyone care?

Almost 30, poor credit, but just starting to do better financially. I’m just sick of throwing my money away on rent, not having the space I need, etc. I’ve lived in shadey hoods before, but did suffer some of the consequences, i.e. theft, etc. The cheapest houses in decent areas are 250K+, but I’ve found several fixer uppers in less desireable areas for less than 100K. I’m not even sure if I could get a mortgage, or a fair rate. Seems to me that even if I paid a higher rate, if I found one, the payment would probably be comparable to my rent, but with equity. Does this sound right? Am I a fool to want to buy a run down house in a shady place? It does help that I am a contractor, and could make all of the improvements on my own. I’d love to hear what someone has to say.

My credit cards got a little out of control during the bad economy these last few year. Nothing serious, I just finished paying them all back.

I am currently trying to save up some money to buy a house one day in the future. But now, I’m worried that banks kill me on my mortgage because of my past credit history.

Outside of paying back the debt which I already did, and keep a stable job. How else can I make my credit rating better?

I was considering refinancing my mortgage and taking an additional 40k out as a down payment to buy a rental house. Is this a good idea? What are the advantages/disadvantages?

I am desperetly wanting to buy a house instead of renting again. I need a much bigger house than the rental home we’re currently in. I would like to start the process to purchase in about 2 weeks. I was planning to put 30,000 down however it seems I shouldn’t do that because my mortgage will still be the same each month I’m told. My credit is in bad shape for stupid things. In total I’m in debt about ,500 half of that is medical bills. I just got my credit report and plan to pay it off, however I’m told don’t pay it off make payments to build credit. I don’t know what to do to start or what route to take. I am currently living in NW Indiana but this area is so overpriced for mostly crap houses. The houses that I’ve found that are decent are too high , I know I wouldn’t get qualified for that amount. I always hear about 1st time homebuyers programs, yet I’ve not comes across any online info. I really want to move to Indianapolis area,way more affordable. Any help anyone can give me?

Recently, I was thinking to buy a townhome and then rent to someone because I can take the money to pay for mortgage. However, I know a landlord has a lot of responsibilities to renters. I may face a lot of problems if the I have a bad renter. Is there any service that can manage my case and I just pay them monthly fee? For example, they can help for legal issues, repair tasks and so on. Or I have to find a lawyer to protect my right and find someone to help maintain the house? Or actually to be a landlord is a bad idea.
I heard some cases about bad renters. One was the renter didn’t pay so the landlord offered 3 months free and asked the guy to leave. Another case was similar, but the landlord sued the renter. If the renter doesn’t pay, why landlord cannot just find a police force them to leave?

"Fannie Mae and Freddie Mac, the troubled mortgage giants that were recently taken over by the government, are expected to continue donating to charity, the Federal Housing Finance Agency has assured nonprofit groups in the Washington metropolitan area."

http://philanthropy.com/news/government/index.php?id=5984

Well, it’s better than AIG’s 0,000 spa vacations, I guess.