Do I NEED To Start WORKING Again?
I recently got out of the army and am finding out just how hard it is to do anything if you dont have any proof of income. I own two properties, one of which I rent out and manage myself and the other is my primary residence in which I rent out 3 of the rooms. I was trying to refi the second on the home in which I live in when I was denied because my debt to income ratios were well over 100%. I have plenty of money in the bank and my credit score is above 740. Is there anything I can do here with trying to refi this property and any other loans I want in the future? Do I have to get a job again just so I can secure a loan? Any thoughts would be helful, thanks again.
John G
*I should note the reason why Im trying to refi the second on the home in which I live. The rate is currently varible and Im trying to get it fixed and have a steady payment each month.
Couple of different ways you can deal with this situation:
1. You can do a no-doc loan with your credit scores - no employment, income, or assets is disclosed. The disadvantage is that you end up paying higher rates, especially with higher loan to values.
No-Doc is mostly available with 1st mortgages, though there are some lenders that will do a 2nd as a no doc.
2. The second option, which I would recommend for the long term, is get a business license. If you are self employed, you should have no issues doing a stated income loan. Most lenders will need you to have that business license for 2 years, but there are some that will do it otherwise, especially if you can show that your previous job is somehow related to your current field of work.
Let me know if you have any more questions.
Vasiliy
I have 15 rentals and two of them are section 8. I have had not problems with my section 8 tenants. The inspection was a breeze, maybe two minor things appearing to be fixed. The paper work was minimal.
Woman has a legal right to see the eviction notice before she acts. She may even want to fight your eviction over terms, dollar amount time and style. Just telling someone to pay or leave is not a legal eviction. Refer her to the attorney handling it for you. That is why they say "Nail and mail", so that landlord attaches it to door and mails the notice. If she can prove she did not get notice...no eviction time has started. Unlawful evictions cost landlords in many states.
If they have a 401(k) and on the aviction notice lets say they own you $2000, they would be able to take it out from the 401(k).
The best think is to not answer them, if they call tell them to contact your attorney.
Under what conditions can they pull from a 401(k) to pay rent? I assume you mean without penalty or tax???
Quote:
On 2005-12-25 02:04, YNKM wrote:
If they have a 401(k) and on the aviction notice lets say they own you $2000, they would be able to take it out from the 401(k).
The best think is to not answer them, if they call tell them to contact your attorney.
I have a similar situation. My tenant is section 8 but there the gov has not paid their share for the rent and I went to their office and they tell me the tenant is sanctioned and must go to a hearing. The tenant has five kids and she single mother. i do not want to kick her and but i need the rent to pay the mortgage. I do not know what to do but i was advised to get an eviction notice and that would force her and the city to pay quicker, is that wise?
If you have a attorney you want to avoid all calls with the tentant. Any calls could be consdier harassment. When I post notice on the door I always take a picture. Good Luck