Are Townhomes Houses or Condos?
Town homes are like houses. TRUE… but they are legally condos. You may not have neighbors upstairs or downstairs, you may not even have any attached walls with the neighbors, but it still may be a condo. Many buyers think that a town home is a single family...
Do You Pay Tax on a Cash Out from a Refi?
You pay tax on the cash out on a refi. FALSE! I recently was reminded by a client that there is a common misconception out there that the cash out you get when you refinance is taxable. This is not true. The tax on any property’s gain (capital gain or the amount above...
Can You Refinance Even if You’re in Bankruptcy?
If you are in bankruptcy you cannot finance a home. FALSE!! I recently had a client who had to file bankruptcy because of a business. He wanted to refinance, but was told by his current lender that he could not for 1 year after the bankruptcy. His credit union said 5...
This Weeks Win! 8.15.2015
Client repositions a rental house that always has problems to a cash flowing property. My clients still had their first home as a rental property. They bought the home in the 1990s, refinanced a couple of times. When the market went down they were stuck. The property...