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What can you do if your tenant doesn't pay and you can't afford the mortgage for your rental home and are close to foreclose?
Wiki User
∙ 17y ago
Canadian Law can allow the Landlord to waive collecting of rent for as long as they wish, but if the renter is more than 30 days later with their rent then you have the right to tell them to leave and give them 1 months notice before you re-rent the suite or house. Go on www.Google.com Type in: Tenants Act in the U.S. (or Canada) You'll see what the laws are. You can also have the police escort the renter out and, after 30 days by Canadian Law you can change the locks and hold the tenants possessions until they cough-up with the rent and if the suite or home is damaged as a Landlord you have the right to hold back the damage deposit as well.
Wiki User
∙ 17y ago
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How much tax should be withheld from 40000?
If you foreclose on a rental property and will be 1099, what percent are you taxed Lets say the mortgage is 90,000.00 and the bank sells for 40,000.00. You have to pay taxes on the remaining 50,000.00. What percent
Can you buy a second home without selling your first?
Yes, No, Maybe...YES if you can afford to own 2 homes...NO if you can't afford them both. MAYBE if you can pay cash or qualify for a mortgage. Do you have a mortgage on the 1st home? What's your debt to income ratio with owning the home you have now? and What's your debt to income ratio if you owned the second home? If you need a mortgage...call your bank or mortgage broker, if they can help, they will. You can own as many homes/houses as you want...it's a matter of can you afford them? What is your purpose for a 2nd, 3rd home...rental, vacation home, etc...?
Is there mortgage relief for rental properties?
Unfortunately, mortgages for second houses and rentals do not qualify for mortgage relief.
How do buy to let mortgages work?
A buy to let mortgage is a mortgage loan that an investor uses to purchase a rental property for producing residual income. The loan amount and the interest rates are different than a conventional mortgage.
You are looking to buy a second home for a rental property you own your home free and clear should you use the equity in your home to purchase the rental property or should you get a new mortgage?
I would just get a new mortgage on the rental property. That way if something should go wrong financially, your home is in less jeopardy. Also, you should get a 15 year fixed mortgage on the new property. this will save thousands in interest. Or you could save up and pay cash for the property...
Can a landlord break a rental lease agreement early because he did not pay the mortgage payments on the house and mortgage company is going to foreclose?
Depends on the local and state laws.
How much tax should be withheld from 40000?
If you foreclose on a rental property and will be 1099, what percent are you taxed Lets say the mortgage is 90,000.00 and the bank sells for 40,000.00. You have to pay taxes on the remaining 50,000.00. What percent
Do mortgage lenders consider rental history?
yes mortgage lenders do consider rental history source of your credit score
Can you buy a second home without selling your first?
Yes, No, Maybe...YES if you can afford to own 2 homes...NO if you can't afford them both. MAYBE if you can pay cash or qualify for a mortgage. Do you have a mortgage on the 1st home? What's your debt to income ratio with owning the home you have now? and What's your debt to income ratio if you owned the second home? If you need a mortgage...call your bank or mortgage broker, if they can help, they will. You can own as many homes/houses as you want...it's a matter of can you afford them? What is your purpose for a 2nd, 3rd home...rental, vacation home, etc...?
Rent Your Home Before You Buy It?
If you select a Rent To Own house, you can be sure that the rental payments each month will be less than mortgage payments. This can help to lower your housing costs if your budget is getting tight. This will also lower your eventual mortgage payments. After you are done renting and you decide that you do want to buy the house, your rental payments will be deducted from the total cost. This is a good way to make it so that you can afford a better home than you could afford right now, and you can live there the entire time.
Is there mortgage relief for rental properties?
Unfortunately, mortgages for second houses and rentals do not qualify for mortgage relief.
When determining housing cost's it is important to choose a rental unit one can?
Afford
Is the mortgage of a rental house considered a business expense?
yes. along with repairs to the property.
How do buy to let mortgages work?
A buy to let mortgage is a mortgage loan that an investor uses to purchase a rental property for producing residual income. The loan amount and the interest rates are different than a conventional mortgage.
You are looking to buy a second home for a rental property you own your home free and clear should you use the equity in your home to purchase the rental property or should you get a new mortgage?
I would just get a new mortgage on the rental property. That way if something should go wrong financially, your home is in less jeopardy. Also, you should get a 15 year fixed mortgage on the new property. this will save thousands in interest. Or you could save up and pay cash for the property...
If you default on a rental property mortgage loan can the mortgage company go after your assets?
That depends on the state, and whether the financing was "non-recourse". The process you want to find out about is known as a "deficiency judgment".
What if a landlord doesn't pay mortgage with tenants money?
Then the landlords mortgage will go into default and if he/she continues to not pay the mortgage the property will be foreclosed on, and yes, you will be left in on the street. there is nothing that says (unless it is in specifically in your rental agreement) what your land lord has to do with the money.
