Posted by Ken on November 04, 2009 at 07:01:52:
Why pull money out of your personal residence when you acknowledge there was a problem with another investment property,maybe you should consider that the same problem may happen again and you will loose your primary residence or the investment home and be left with a mortgage on your primary.Nothing like having your home free and clear
Need to take equity out of primary home? - Posted by Jak
Posted by Jak on November 03, 2009 at 22:54:26:
My home is paid for and worth about 200k. The problem is I just completed a shortsale on another property, credit is shot now. Is there any way I can take out equity on my home so I can buy a 4-plex? Would like to take out 50-80% LTV.
Re: Need to take equity out of primary home? - Posted by DJ-nyc
Posted by DJ-nyc on November 04, 2009 at 13:21:04:
Your credit will get better in approx 18 months if there are no additional incidents. I agree with having the house you live in mortgage free. A mortgage loan with bad credit right now in this market? Not a good idea. And if so, they will hit you with a baseball bat on the rate and terms! Find a partner if you have to buy. I hope it cashflows great, if not don’t bother.
DJ-nyc