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What happens to my primary residence when I can't find a tenant for my rental property and it goes into forclosure?
Wiki User
∙ 12y ago
Assuming the rental properties under foreclosure, it is only that property that is being foreclosed.
Wiki User
∙ 12y ago
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Can you re-fi your primary home after losing an investment property to forclosure?
Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure. Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure.
Do property taxes go up on your primary residence if you buy a 2nd home?
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Is owner occupied the same as primary residence?
No. Owner occupied means the owner of the property lives in it, meaning it is not rented. Primary residence means the home where you live most of the time. It can be rented or owned.
Does the buyer have to pay capital gains on the seller's concession if the property in question is for investment and not primary residence?
No!
Short sale tax liability?
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
Is a primary residence protected from Medicaid?
Homestead property is not a bar to receiving Medicaid. However, the State may file a lien on the property, payable when it is sold or otherwise transferred.
What are some phrases with the word primary in them?
primary colors primary election primary source of income primary residence or primary place of residence primary function primary caregiver
Can you get refinanced if the property is rental property?
It is possible to get refinanced for a rental property. The type of refinance would be called non-owner occupied real estate. Rates are often higher for rental property because they are not your primary residence.
Can a second mortgage be crammed down in a Chapter 13 bankruptcy proceeding if the mortgaged property is in a revocable trust and the mortgagor is technically the trust itself?
No, because the property would be considered to be property of the trustor and not the "trust itself". Moreover, while in certain situations a 2nd mortgage can be stripped (in a process caleed lien-stripping), there is no cramdown on primary residence real property. While a cram-down on non-primary residence real property is POSSIBLE, it is IMPRACTICAL.
What considered to be recreational property?
Places like a beach, lake, or campground are considered to be recreational property. They are not typically associated with a primary residence but rather a place to get away for a few days.
Exhusband he signed quick claim he is the primary loan holder but the house is in forclosure?
we just got divorced and he gave me the home but it is in forclosure if i fax qick claim to mortage company will they have to start process over
How long after move to Tennessee before I am required to change over driver's license?
IIRC, within 30 days of having established residence in that state (ownership of property which serves as a primary residence or employment).
