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recordsclerk
Participant[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]
I would agree that the law implies that you pay the rent. I doubt that any judge would give a judgement to the new owner for unpaid rents in this situation. I believe this is why local rental legal/crises centers are giving the advice not to pay rent for the 90 days.
This is from a tennant protection agency:
In May 2009, the federal government enacted the “Protecting Tenants at Foreclosure Act” giving tenants new protections, such as the right to stay in their homes for at least 90 days after receiving an eviction notice. While state and local laws also contain strong protections, unlawful evictions and harassment of tenants continue.
Tenants should know their rights under the law. These rights include:
– Tenants cannot be required to move out of their homes for at least 90 days following an eviction notice.
– Tenants can insist on staying until the end of their leases. The only exception occurs when the new owner of a single-family home wants to move in.
– Tenants can require banks and their agents to put all communication in writing.
– Tenants are not obliged to accept “cash for keys” money to move out sooner than the law prescribes.
– Harassment, such as improper entry into a person’s home, shutting off water and lights, or changing the locks without a court order is illegal.
– The above rights extend to tenants living in government-subsidized Section 8 housing, who may also have additional protections under state and local laws.
– If a city has a just cause for eviction law, a landlord must have a specific reason to evict a tenant, and foreclosure may not be recognized as a legitimate basis for eviction. Tenants should check local ordinances.ParticipantYou will still have to pay taxes when you take distributions in retirement. It may be at a lower tax rate, but the taxes have to be paid. You would only lose the $5445 (33% Tax bracket) tax free advantage investment monies. I don’t think that is totally apples to apples. To run the actual #’s we would have to see how well the $5445 performs. To prove this theory we would also have to take the money saved on PMI and invest it in an after tax investment. BTW this is way over my head.
ParticipantYou will still have to pay taxes when you take distributions in retirement. It may be at a lower tax rate, but the taxes have to be paid. You would only lose the $5445 (33% Tax bracket) tax free advantage investment monies. I don’t think that is totally apples to apples. To run the actual #’s we would have to see how well the $5445 performs. To prove this theory we would also have to take the money saved on PMI and invest it in an after tax investment. BTW this is way over my head.
ParticipantYou will still have to pay taxes when you take distributions in retirement. It may be at a lower tax rate, but the taxes have to be paid. You would only lose the $5445 (33% Tax bracket) tax free advantage investment monies. I don’t think that is totally apples to apples. To run the actual #’s we would have to see how well the $5445 performs. To prove this theory we would also have to take the money saved on PMI and invest it in an after tax investment. BTW this is way over my head.
ParticipantYou will still have to pay taxes when you take distributions in retirement. It may be at a lower tax rate, but the taxes have to be paid. You would only lose the $5445 (33% Tax bracket) tax free advantage investment monies. I don’t think that is totally apples to apples. To run the actual #’s we would have to see how well the $5445 performs. To prove this theory we would also have to take the money saved on PMI and invest it in an after tax investment. BTW this is way over my head.
ParticipantYou will still have to pay taxes when you take distributions in retirement. It may be at a lower tax rate, but the taxes have to be paid. You would only lose the $5445 (33% Tax bracket) tax free advantage investment monies. I don’t think that is totally apples to apples. To run the actual #’s we would have to see how well the $5445 performs. To prove this theory we would also have to take the money saved on PMI and invest it in an after tax investment. BTW this is way over my head.
Participant20% down is the way to go. Not only do you save on PMI, you will have a better chance to get a highly sought after property. You don’t want to get into a bidding situation with a FHA loan. Your DTI is great, but the seller probably won’t see past the low down payment. I would rent and try to save as much monthly as possible, maybe even putting less into 401K, but still putting in as much as employer matches. I recently shopped FHA loans and they are ridicules. For a loan of 550K – .75% ($412) monthly PMI + 1% ($5500) upfront fee added to loan. 5 year minimum PMI and 78% LTV before you can cancel PMI. You will have to provide another appraisal ($500) to remove PMI. That’s a little over 30K in the first 5 years out of pocket for not having the extra 90K down or keeping 90K liquid based on 20% down (110K)vs. FHA 3.5% down(19K). You could invest the 90K, but if the return is not better than the 5% mortgage rate you will lose even more. Also if you can borrow less then the 417K conforming limit you can save an extra .5% on interest.
Participant20% down is the way to go. Not only do you save on PMI, you will have a better chance to get a highly sought after property. You don’t want to get into a bidding situation with a FHA loan. Your DTI is great, but the seller probably won’t see past the low down payment. I would rent and try to save as much monthly as possible, maybe even putting less into 401K, but still putting in as much as employer matches. I recently shopped FHA loans and they are ridicules. For a loan of 550K – .75% ($412) monthly PMI + 1% ($5500) upfront fee added to loan. 5 year minimum PMI and 78% LTV before you can cancel PMI. You will have to provide another appraisal ($500) to remove PMI. That’s a little over 30K in the first 5 years out of pocket for not having the extra 90K down or keeping 90K liquid based on 20% down (110K)vs. FHA 3.5% down(19K). You could invest the 90K, but if the return is not better than the 5% mortgage rate you will lose even more. Also if you can borrow less then the 417K conforming limit you can save an extra .5% on interest.
Participant20% down is the way to go. Not only do you save on PMI, you will have a better chance to get a highly sought after property. You don’t want to get into a bidding situation with a FHA loan. Your DTI is great, but the seller probably won’t see past the low down payment. I would rent and try to save as much monthly as possible, maybe even putting less into 401K, but still putting in as much as employer matches. I recently shopped FHA loans and they are ridicules. For a loan of 550K – .75% ($412) monthly PMI + 1% ($5500) upfront fee added to loan. 5 year minimum PMI and 78% LTV before you can cancel PMI. You will have to provide another appraisal ($500) to remove PMI. That’s a little over 30K in the first 5 years out of pocket for not having the extra 90K down or keeping 90K liquid based on 20% down (110K)vs. FHA 3.5% down(19K). You could invest the 90K, but if the return is not better than the 5% mortgage rate you will lose even more. Also if you can borrow less then the 417K conforming limit you can save an extra .5% on interest.
Participant20% down is the way to go. Not only do you save on PMI, you will have a better chance to get a highly sought after property. You don’t want to get into a bidding situation with a FHA loan. Your DTI is great, but the seller probably won’t see past the low down payment. I would rent and try to save as much monthly as possible, maybe even putting less into 401K, but still putting in as much as employer matches. I recently shopped FHA loans and they are ridicules. For a loan of 550K – .75% ($412) monthly PMI + 1% ($5500) upfront fee added to loan. 5 year minimum PMI and 78% LTV before you can cancel PMI. You will have to provide another appraisal ($500) to remove PMI. That’s a little over 30K in the first 5 years out of pocket for not having the extra 90K down or keeping 90K liquid based on 20% down (110K)vs. FHA 3.5% down(19K). You could invest the 90K, but if the return is not better than the 5% mortgage rate you will lose even more. Also if you can borrow less then the 417K conforming limit you can save an extra .5% on interest.
Participant20% down is the way to go. Not only do you save on PMI, you will have a better chance to get a highly sought after property. You don’t want to get into a bidding situation with a FHA loan. Your DTI is great, but the seller probably won’t see past the low down payment. I would rent and try to save as much monthly as possible, maybe even putting less into 401K, but still putting in as much as employer matches. I recently shopped FHA loans and they are ridicules. For a loan of 550K – .75% ($412) monthly PMI + 1% ($5500) upfront fee added to loan. 5 year minimum PMI and 78% LTV before you can cancel PMI. You will have to provide another appraisal ($500) to remove PMI. That’s a little over 30K in the first 5 years out of pocket for not having the extra 90K down or keeping 90K liquid based on 20% down (110K)vs. FHA 3.5% down(19K). You could invest the 90K, but if the return is not better than the 5% mortgage rate you will lose even more. Also if you can borrow less then the 417K conforming limit you can save an extra .5% on interest.
ParticipantJust a little warning if you are going to the original Sabelee in Linda Vista. It is a very small place and seats about 12 max. You will not be able to get a table that seats more than 4 people. Also the sign still says Linda Vista Food on the canapy above the restuarant. The food is very good depending on what you like. I get the red and yellow curry with chicken. I also like the Thai fried rice.
ParticipantJust a little warning if you are going to the original Sabelee in Linda Vista. It is a very small place and seats about 12 max. You will not be able to get a table that seats more than 4 people. Also the sign still says Linda Vista Food on the canapy above the restuarant. The food is very good depending on what you like. I get the red and yellow curry with chicken. I also like the Thai fried rice.
ParticipantJust a little warning if you are going to the original Sabelee in Linda Vista. It is a very small place and seats about 12 max. You will not be able to get a table that seats more than 4 people. Also the sign still says Linda Vista Food on the canapy above the restuarant. The food is very good depending on what you like. I get the red and yellow curry with chicken. I also like the Thai fried rice.
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