Updated about 9 years ago on . Most recent reply
Advice for removing my name from home loan.
I purchased a property in Las Vegas, right before the crash. I just recently have broken even, but if i were to sell I believe w/ all the fees, I would still technically be at a loss. Both of my parents co-signed on this home. I was hoping I could refinance, and keep my parents on the loan (but they do not make enough to make that happen). They rent in NYC. What are my options? Below are a few I have thought of, not sure if they will work.
* Can I rent out my home, for a period, long enough to where that would offset a percentage of $$ towards my current mortgage? Freeing up some of my income to qualify for a secondary home?
* I do have 20k I'm willing to put as a down payment on a second property, first home is an FHA loan.
* I've been told I would need to qualify for both payments, regardless if I do or don't rent out my primary home. My take home is about $4800/month, current mortgage is $1060/month.
Any advice would be greatly appreciated.