ST Alpha - "If there was I doubt there is now. It's really rigid at the moment. No bank wants to take a risk on default and losing money -- nm" (Reading a Post)

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In response to "i have a question that highlights how stupid i am. i don't know how to research and you guys are smart. it's about mortgages." by kare

If there was I doubt there is now. It's really rigid at the moment. No bank wants to take a risk on default and losing money -- nm

Posted by El Pollo Rojo Loco (aka redmond) Jul 29 '11, 16:17

(No message)

Responses:

Could you rent out your house, and then put the 40k toward a new one? -- nm - El Pollo Rojo Loco Jul 29, 16:18 26
- that was the original plan but now that i'm not working consistently (and might not be for another year or so) - kare Jul 29, 16:20 25
  - Rent the old house and then rent a new house for y'all. -- nm - TFox Jul 29, 16:28 9
    - hmmm. -- nm - kare Jul 29, 16:29 8
      - It would have a fair number of perks. Less maintenance, ability to make a change when needed... -- nm - TFox Jul 29, 16:31 7
        
        just looked at prices where we (well esp. i) would like to move and... damn. very high. -- nm - kare Jul 29, 16:35
        
        Does she still get to keep the mortgage deduction on her house if she isn't living in it? -- nm - El Pollo Rojo Loco Jul 29, 16:33 5
        
        No, it has to be your primary residence. -- nm - MojaveMeg Jul 29, 16:35 3
        
        so i guess the answer is: patience, grasshopper. sigh. -- nm - kare Jul 29, 16:37 1
        
        This! - El Pollo Rojo Loco Jul 29, 16:44
        
        Once you rent it becomes investment property and things like depreciation become deductible - against the rental income. -- nm - MojaveMeg Jul 29, 16:37
        
        You're asking a filthy renter questions above his pay grade. -- nm - TFox Jul 29, 16:35
  - I am in the same spot. My GF has a condo that is upside down. It's 1BR 650 Sqft - El Pollo Rojo Loco Jul 29, 16:22 14
    - but you're moving in together? that is awesome! -- nm - kare Jul 29, 16:28 1
      - Thanks everyone. - El Pollo Rojo Loco Jul 29, 16:31
    - Congrats! -- nm - psilotum Jul 29, 16:28 2
      - Mine is for knocking up your gf, btw. -- nm - psilotum Jul 29, 16:44 1
        
        What? We are just moving in together. Not going to have kids. She doesn't want kids. -- nm - El Pollo Rojo Loco Jul 29, 16:46
    - nmb redmond - JenBro Jul 29, 16:27 8
      - That's massive for a 1BR, my 1BR was 30square m -- nm - Karl_S Jul 29, 17:03
      - I thought ST new this already. I am helping my Dad get an apartment near us. -- nm - El Pollo Rojo Loco Jul 29, 16:29 6
        
        I knew about the moving-in together, hoped Dad would be settled somewhere. good on ya. :) - - b. Jul 29, 16:40 2
        
        b you always have the best advice ... and now you have me wondering if maybe I knew he was moving in but likewise wondered about his pops -- nm - JenBro Jul 29, 16:43
        
        Your advice is noted and I agree. -- nm - El Pollo Rojo Loco Jul 29, 16:42
        
        I didn't know either. Congrats! Best of luck! -- nm - Krusty Jul 29, 16:33
        
        oops - JenBro Jul 29, 16:31
        
        New=Knew. -- nm - El Pollo Rojo Loco Jul 29, 16:30

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