Profile picture for alberttsao

Complicated File

I have a really complicated file and wanted to see if any of you mortgage folks would like to take a crack at it.

Currently have 6 properties.  4 with mortgage loans and 2 free and clear.  All four mortgages are held jointly and with joint mortgages.

I would like to separate those mortgages up, refinancing them in me and my wife's individual names.  Then I want to refinance and cash-out the 2 properties that are free and clear.

My wife's income isn't as high as mine and she took some maternity leave at the end of least year and the beginning of this year.

If you are interested in figuring this puzzle out, please let me know.
  • July 21 2011 - US
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Answers (4)

What state are you in?   What loan amounts and LTV's are currently financed?

Should be OK to use her base income if back full time now.   The one area of concern I would have would be Joint Schedule E, but if you can show the new notes created to separate the liabilities, could work to cash out the 2 remaining free and clears.
  • July 21 2011
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Profile picture for alberttsao
CA

Loan amounts
Currently refiing $530K primary into my name.
Remaining are:
$380K
$75K
$96K
Two investment properties were purchased for $116K last December and $121K in April.
  • July 21 2011
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Would have to see the income break down and then how much cash out you are looking for on the 2 free and clear.    Also, the cash flow on the 380k from Schedule E would be important factor.

Feel free to contact me through my profile and I can take a look at the puzzle, see if it solvable.

  • July 21 2011
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I'd be very interested in taking a "crack" at it.  It's really not that complicated. 
  • July 22 2011
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