Finance Questions

Posts Tagged ‘finance’

Question: Real Estate Finance help,please?

Hello friends,
I don't know what should I do now,..I m so stressfull,.I bought a house in 2005 which is now very low price ,it costs lower than before so much and I can't refinace either.before i put 10% down payment,27,750$.now I rent it out 1,500/month but it is still not enought for mortgage. I m thinking about give it away so it is o.k..or you guys have any idea? please give me advice,thanks a lot

Answer: With the numbers you provided ($277,500 purchase price, 10% down), your P&I payments alone would be about $1650, depending on your mortgage rate. Didn't you check to see that the house would cash flow before you bought it? Or has something changed to cause the rent to go substantially down?

Either way, here are some suggestions:
-Try to get a tenant-buyer in to do a Rent-to-Own. You can get a small "option" payment up front, and also charge a higher monthly rent that you will credit a portion of when/(and only) if they exercise the purchase option after the one or two year (or whatever) timeframe that you establish in your contract.

-Call your current mortgage lender and get a Loan Modification. If they won't do it, research some brokers that will by Googling "Loan Modification" and your location.

-Move into the house yourself as your primary residence, and either rent out your current residence or sell it, if the numbers work on your current residence.

-Offer your rental house to real estate investors (look up your local real estate investment association - REIA). One of the investors may know a way to let you walk away from the house by maybe doing a Subject to, Sandwhich Lease Option, or a bunch of other methods, depending on all of the numbers involved.

Whatever you do, try not to let the bank foreclose. Have them do a short sale instead, as your credit score will not take as much of a hit, and it will be able to be cleared a few years sooner than if you have a foreclosure on your record.

Good luck, but you really need to do more due diligence next time so that you don't get into this situation again.

Reverse Mortgage Information on Public Television, part 1

Question: Equipment Leasing and Financing In Canada?

Who offers Equipment Leasing and Equipment Financing in Canada. I want to apply for an Equipment Lease in Canada, but would like to find a good Canadian Leasing site!

Answer: For my Equipment Leasing I use Rubix Financial Solutions. Their site is http://www.rubixfinancial.ca They have helped me with a few types of equipment leasing.

HSBC's Matthew McNamara on equipment finance