Hello everyone, recently completed a short sale and now Greentree is wanting money from the shortage. They were the 2nd on the loan and were shorted $54,000.00 but are willing to accept cash payment of $13,500.00 which is a respectable offer and I would like to pay that more than ever. I elected to move back in to my rental property during the short sale process,which I am grateful to have had that option. Now the property in which my family and I reside has a tax assessed value of $186,500.00 and I currently owe $140,000.00, and I cannot find ANY lender willing to loan me $13,500.00 because I missed 12 payments in a row (on the house that I had to short sale)during the short sale process. Does anyone have any suggestions???Â
Jan 152011
Question by Ronaldo: How does rental income on a 1st mortgage affect mortgage affordability on a second home?
For example if my 1st mortgage is 00 per month and i charge a rental income of 00 per month, is it a wash? Or do i get the 00 rental income added to my gross monthly income and have the 00 mortgage payment added to my monthly liabilities?
Best answer:
Answer by infinite crisis 247
you would do the latter on the mortgage application. the 1000 dollar rent you are collecting would be income (and therefore taxable), and the 1000 mortgage payment is a debt (liability).
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