Four Options for Over-Financed, Underwater, Too Much Mortgage?

Over-financed, over-mortgaged, underwater, negative equity, or upside down; all of these terms mean the homeowner owes more on the house than what the house is worth. Forbes finds that nearly 6.4 million Americans have borrowed more than their house is worth, despite steady increases in the value of homes over the last two years. Click here for the article. Austin has a litany of homeowners that Continue Reading

Yes, We Will Buy Your Drug Grow House

As an investor you do your level best to make sure your house is in perfect condition, you price it a little below market to generate interest, and screen potential tenants.  In a perfect world you have the best house in the neighborhood and the best tenants to occupy the house.   And then there are times when Murphy's Law rears its ugly head on your portfolio. We received a call from a fellow Continue Reading

What Does As-Is, In Any Condition Mean?

Will you buy my house?  What does as-is, in any condition mean? "The house has been completely vandalized, they stole everything and kicked in the walls and ceiling!" "Remember that big rain storm a year ago?  It flooded our house and we didn't have insurance." "The fire destroyed the entire upstairs." "The foundation is so bad we can't close any door inside the house." "We have not been Continue Reading

How To Lose Money On A Free House

Sounds crazy, doesn’t it?  How does a family lose money on a free house?  We received a call this week from a homeowner that inherited a house.  His spouse inherited the house from her mother about six years ago after she passed away.  They were not sure what to do with the house so they kept it and used it as a large storage building.  Since they inherited the house all utilities were kept on-- Continue Reading

Take Over My Payments

Typically, the official way to take over payments on home foreclosures is through assumable loans. In 2010, there were not many assumable mortgages available, with the exception of some VA (Department of Veteran Affairs) and FHA (Federal Housing Administration) loans, which may be assumable without lender permission and without qualifying. An assumable mortgage allows you to take over the owner's Continue Reading