Posted on: 27th Jul, 2008 10:37 am
I have really bad credit , but I own commercial property worth 350,000 and I owe 225,000.
The property is a 6000 square foot metal frame building on 1.44 acres of land. I have been in the building since 1994. I have really bad credit and would like the money to pay bills off and add to the property. My wife has super credit , but she is not on the lease. How can she apply for a loan against the property.
The property is a 6000 square foot metal frame building on 1.44 acres of land. I have been in the building since 1994. I have really bad credit and would like the money to pay bills off and add to the property. My wife has super credit , but she is not on the lease. How can she apply for a loan against the property.
why doesnt she buy it at Fair Market Value? we have a commercial program of private funds.
She is willing to do that , but I need to know where to go and whom to speak with to get it don.
If the appraisal I recieved in May on the building and land was $325,000 , but it did not include the contents or the money we make yearly. How do I determine the fair market value and what do you think it would be ?
I need to know where to go and how to get the loan done or to sale it to my wife.
welcome rick.
i feel you can simply add your wife on the deed by signing a quitclaim deed and your wife can refinance the loan using her good credit. but how much does she earns. by the way you can seek no-obligation free consultation from the community professionals to know what kind of loan option will be better for you and whether they can provide you any loan option.
hope it helps. let me know if you have any further queries.
i feel you can simply add your wife on the deed by signing a quitclaim deed and your wife can refinance the loan using her good credit. but how much does she earns. by the way you can seek no-obligation free consultation from the community professionals to know what kind of loan option will be better for you and whether they can provide you any loan option.
hope it helps. let me know if you have any further queries.
Could someone email me with some options ?
Hi Rick.
Welcome to the forum.
Is your wife willing to refinance the mortgage on her name? She get a loan against the property only if she is also the owner of that property. So if you quitclaim the property to her then she can refinance the loan on her name. BTW can she be able to make the payments?
Best of luck,
Larry
Welcome to the forum.
Is your wife willing to refinance the mortgage on her name? She get a loan against the property only if she is also the owner of that property. So if you quitclaim the property to her then she can refinance the loan on her name. BTW can she be able to make the payments?
Best of luck,
Larry
Yes! Where can I go to get this done? Who can help me get this done?
Hi Rick.
Welcome Back.
You should seek help from an attorney. He will prepare the quitclaim deed for you. But you and your wife also needs to contact to your lender and see whether she can be able to refinance. However if the present lender cannot help you to refinance then you can contact to other lenders also. BTW in which state do you stay?
Best of luck,
Larry
Welcome Back.
You should seek help from an attorney. He will prepare the quitclaim deed for you. But you and your wife also needs to contact to your lender and see whether she can be able to refinance. However if the present lender cannot help you to refinance then you can contact to other lenders also. BTW in which state do you stay?
Best of luck,
Larry
We live in Georgia
Have you contacted with the mortgage company and can you wife refinance the loan on her name? How much does she earn?