So I did a subject too... Now what?
Totally confused about Subject Too loans and my options.
My company paid for the title xfer to put a home in my companies name, but bank still thinks previous owner is on title. She was going to foreclose and let it go back to bank before I stepped in. I caught her up and now make the payments to her bank on her behalf. So... Title is in my companies name. Her bank is unaware and could call note due at any time if they found out, but probably wouldn't b/c her interest rate is pretty high and higher than mine would be.
Now that I have rehabbed it to the 9's it has me thinking I might want to sell my current home and live in the one I bought subject too and just finished.
How do I do this?
Can I buy a home that is owned by my business?
I would need a new note so the previous owners note would be paid off and she would be free and clear.
The note is only $177k and the appraised value now that I fixed everything will be about $340k.
If I move into it, can I get my equity out?
Will they lend me what it appraises for (less down pmt)? If so will all that left over equity go straight into my business bank account?
I'm confused? Any help is much appreciated!
Thanks,
Greg