Family Home Mortgage
I'm in a subject to mortgage with the old home, how can I buy a new home with this mortgage on my credit?
After going into a subject to mortgage companies deal with an investor two years ago, I've now got my credit, financing, and savings together I want to buy a new home but this mortgage still shows on my credit as a balance that I need to get rid of this. I can not pay this balance off and the investor may not put a mortgage on His name is legal way to own a new home? Rent from family sucks!
Well, legally you still own the home and "investor" is just a tenant. Since you've been renting to him in 2 years you can count the rent you receive as income towards your new home. You just have to show the last 2 years tax returns with the extra income. You must be able to qualify for another house in this capital added to your income. Banks will accept your adjusted income from your 1040 as your actual income.