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Anyone out there in the mortgage business?

 
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  #8  
Old 09-30-2009, 12:32 PM
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Re: Anyone out there in the mortgage business?

I'm a little dense so bear with me. We already own the land why would we sell it to ourselves?
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  #9  
Old 09-30-2009, 12:58 PM
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Re: Anyone out there in the mortgage business?

Quote:
Originally Posted by jmason View Post
I'm a little dense so bear with me. We already own the land why would we sell it to ourselves?

Are you going to mortgage the land with the house? If so, then what price have you put on it? Is it in YOUR name, your WIFE, or BOTH?

If it is in YOUR name, then she is buying it from you or you will have to be on the mortgage too unless you are leasing it?

If the property is leased then who decides a fair price?

Otherwise how does she get this property...gift?

edge.
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  #10  
Old 09-30-2009, 01:32 PM
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Re: Anyone out there in the mortgage business?

I gotcha now. It is in my name only. I guess the plan was to use the land as collateral on the loan which drags me into it unless I can give it to her somehow without screwing all this up. It also probably ruins any chance of better rates for her as a FTHB unless I qualify somehow since my other homes were purchased many moons ago.
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  #11  
Old 10-02-2009, 06:00 AM
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Re: Anyone out there in the mortgage business?

In NC, since she is your wife, she has interest in the property as well. She would not qualify for FTHB. Additionally you would have to sign the deed. There would be no sale between you and her.
Joe
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