Hey BP so im in the works of a subject to deal and need some input. The debt im taking over is a 8% 220,000 and combined with insurance and taxes the mortgage payment every month is $3,300 the home owner has missed four payments which im willing to cover but i would like to know how long ill have to continue making mortgage payments until i would be able to refinance? or perhaps there is another way to get a better financing deal ? while the tenants rent does cover the mortgage payment and leaves a bit extra the property basically breaks even every month. an tips thanks ?
Normally you need to hold for about 12 months to be able to refinance. But it depends on the lender. One told me 12 months another said I had to show one calender year's worth of rents. The norm seems to be the 12 months though. You should be able to get that down to under 5%which should cover the place.
For just a rate and term refi, usually no seasoning required. Talk to a lender First, not later. Doesn't really sound like even a decent deal though.
In my opinion in this situation no need to pay anything talk to you lender,Take suggestion ask question come out with a solution discussion with your lender takes you out from this situation
No worries in this situation as per your information .I am agree with @Wayne talk to your lender first and ask about the situation.
is that a mistype of $3300 / month on a 220k mortgage at 8% ?? If not, I can't imagine what your taxes are.
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