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Author Topic: next step  (Read 2202 times)

Offline nbkinc

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next step
« on: September 28, 2005, 02:04:34 pm »
need advice. We bought a foreclosure for cash (credit line)put it in the business name. Now we realize the home needs another bathroom, new floors etc. Banker has told us that we can not get a mortgage on it since it is in business name but we can get a business loan(higher interest rate and shorter term) Do we have to prepare a new deed in one of our names to get a 30 year mortgage and is this the best way to go? Looking for anyone that has been here done that advice. Thanks in N.C.

Offline rbaxter

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Re: next step
« Reply #1 on: September 30, 2005, 07:06:20 am »
did you personally guarantee the loan or buy it as a commercial property, in the business name completely?  If you personally signed the note, you may be able to quit claim deed the property into your personal name and refi it as a residential property.
RJ Baxter
Branch Manager- Fairway Independent Mortgage Corp
http://www.rjbaxter.com/

 




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