Hi, i purchased a two family house in Queens NY in 1987 for 260,000
even thought the house should be paid for, i took another mortgage and i still owe 250,000, the house is worth 950,000 now
i lived in the house for 7 years and i have been renting it up to now
i am in a bad economic situation and it is almost time for me to retire, i would like to sell the house but if i do i have to pay a lot in taxes
i am planning to move back to the house for two years so that i wont pay so much
Please any advice you can give me will be really appreciated.
Hello @Olga Abreu , please feel free to reach out to discuss potential solutions. The first steps should be doing an accounting of all debts, taxes owed, speaking to local brokers (like myself) for accurate market pricing, get in contact with a mortgage broker who can give you a better handle on the numbers and can give solutions such as selling the home, refinancing or equity lines. I have several preferred lenders if you need.
Wish you the best of luck,