Facebook shares sink 11 percent as reality overtakes hype(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday … More »Facebook shares sink 11 percent as reality overtakes hype
(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday and driving others to switch back to more established stocks. Facebook's debut was beset by problems, so much so that Nasdaq …
Yahoo clears a hurdle, sells Alibaba stake for $7.1 billionSHANGHAI/NEW YORK (Reuters) - Yahoo Inc will sell as much as half of its 40 percent stake in Chinese e-commerce powerhouse Alibaba Group for $7.1 billion, ending years of fractious talks over how to extract … More »Yahoo clears a hurdle, sells Alibaba stake for $7.1 billion
SHANGHAI/NEW YORK (Reuters) - Yahoo Inc will sell as much as half of its 40 percent stake in Chinese e-commerce powerhouse Alibaba Group for $7.1 billion, ending years of fractious talks over how to extract value from its most prized asset. Yahoo also increased its stock buyback authorization by $5 billion to $5.5 billion …
Home resales rise, boding well for economyWASHINGTON (Reuters) - Home resales rose in April to their highest annual rate in nearly two years and a falloff in foreclosures pushed prices higher, hopeful signs for the country's economic recovery. … More »Home resales rise, boding well for economy
WASHINGTON (Reuters) - Home resales rose in April to their highest annual rate in nearly two years and a falloff in foreclosures pushed prices higher, hopeful signs for the country's economic recovery. The National Association of Realtors said on Tuesday that existing home sales increased 3.4 percent to an annual rate of …
Tesco CEO turns down $590,000 bonusLONDON (Reuters) - Tesco boss Philip Clarke has opted not to take an annual bonus of about 372,000 pounds ($588,000) following a poor performance by the world's third-biggest retailer in its main British … More »Tesco CEO turns down $590,000 bonus
LONDON (Reuters) - Tesco boss Philip Clarke has opted not to take an annual bonus of about 372,000 pounds ($588,000) following a poor performance by the world's third-biggest retailer in its main British market. Shares in Tesco, which issued a shock profit warning in January, have lost almost a quarter of their value this …
- Fitch cuts Japan as politics hinders debt plan
TOKYO (Reuters) - Fitch cut Japan's sovereign credit status on Tuesday to the lowest level among global ratings agencies as a political stalemate dims the chance that the country can curb its snowballing … More »Fitch cuts Japan as politics hinders debt plan
TOKYO (Reuters) - Fitch cut Japan's sovereign credit status on Tuesday to the lowest level among global ratings agencies as a political stalemate dims the chance that the country can curb its snowballing debt. Fitch Ratings cut Japan's long-term foreign currency rating by two levels from AA to A plus, the fifth highest …
- Factbox: Three steps in the works to revive Europe's economy
(Reuters) - EU leaders meet for an informal summit in Brussels on Wednesday where France aims to push a proposal for metalizing European debt, but the heart of discussions will focus on ways to reignite … More »Factbox: Three steps in the works to revive Europe's economy
(Reuters) - EU leaders meet for an informal summit in Brussels on Wednesday where France aims to push a proposal for metalizing European debt, but the heart of discussions will focus on ways to reignite economic growth across the continent. ...
Insight: Morgan Stanley cut Facebook estimates just before IPO(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, … More »Insight: Morgan Stanley cut Facebook estimates just before IPO
(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company. The sudden caution very close to the huge initial …
Apple still dominates world's top brands: study(Reuters) - Apple has maintained its place as the world's most valuable brand over the past year, leading a group of technology-related companies that dominate the top 10, according to a study published … More »Apple still dominates world's top brands: study
(Reuters) - Apple has maintained its place as the world's most valuable brand over the past year, leading a group of technology-related companies that dominate the top 10, according to a study published on Tuesday. The iPhone and iPad maker has boosted its brand value by 19 percent in the past year to $183 billion, or 37 …
Facebook shares hit again as valuation doubts riseNEW YORK (Reuters) - The selloff in Facebook's shares deepened on Tuesday, as investors continued to question the stock's valuation after Reuters reported that underwriters cut their revenue forecasts … More »Facebook shares hit again as valuation doubts rise
NEW YORK (Reuters) - The selloff in Facebook's shares deepened on Tuesday, as investors continued to question the stock's valuation after Reuters reported that underwriters cut their revenue forecasts for the company before the IPO. [ID:nL4E8GM35V] Facebook's shares hit a low of $30.98 on Tuesday, 8.9 percent below Monday's …
Wall Street rebounds, but investors dump FacebookNEW YORK (Reuters) - Stocks rose more than 1 percent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities' biggest weekly drop in almost six months, but Facebook slumped … More »Wall Street rebounds, but investors dump Facebook
NEW YORK (Reuters) - Stocks rose more than 1 percent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities' biggest weekly drop in almost six months, but Facebook slumped in its second session after a disappointing debut. Tech shares were among the day's biggest gainers, with an S&P sector …
Wall Street up on banks, housing dataNEW YORK (Reuters) - Stocks rose on Tuesday, led by financial and housing shares, after home resales rose in April to their highest annual rate in nearly two years in another sign that the housing market … More »Wall Street up on banks, housing data
NEW YORK (Reuters) - Stocks rose on Tuesday, led by financial and housing shares, after home resales rose in April to their highest annual rate in nearly two years in another sign that the housing market may be on the road to recovery. But gains were capped as Facebook shares lost about 20 percent of the online social network's …
Exclusive: U.S. lets China bypass Wall Street for Treasury ordersNEW YORK (Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, … More »Exclusive: U.S. lets China bypass Wall Street for Treasury orders
NEW YORK (Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters. The relationship means the People's Bank of China buys U.S. debt using …
Nissan aiming for 10 percent of China luxury car marketHONG KONG/BEIJING (Reuters) - Nissan Motor Co Ltd said it aims to triple global sales of its premium Infiniti brand by 2016 and take 10 percent of China's luxury vehicle market, challenging leaders like … More »Nissan aiming for 10 percent of China luxury car market
HONG KONG/BEIJING (Reuters) - Nissan Motor Co Ltd said it aims to triple global sales of its premium Infiniti brand by 2016 and take 10 percent of China's luxury vehicle market, challenging leaders like Audi AG and Mercedes Benz maker Daimler AG. Infiniti on Tuesday became the first global car brand to open a headquarters …
India faces mass default and restructuring as devaluation loomsSINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a Greek-style crisis in Asia's third largest economy. This is not simply idle … More »India faces mass default and restructuring as devaluation looms
SINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a Greek-style crisis in Asia's third largest economy. This is not simply idle speculation. Last Friday, the rupee crashed to an all-time low against the dollar of 54.9 and it was stuck most of Tuesday …
Citigroup says cautious on U.S. small-, mid-cap cos(Reuters) - Citigroup said it has a cautious view on the U.S. small-and mid-cap companies on concerns over earnings pressure in the second half amid the euro zone crisis and the political uncertainty in … More »Citigroup says cautious on U.S. small-, mid-cap cos
(Reuters) - Citigroup said it has a cautious view on the U.S. small-and mid-cap companies on concerns over earnings pressure in the second half amid the euro zone crisis and the political uncertainty in the United States. Analyst Scott Chronert downgraded the small and mid-cap technology sector to "market weight", saying …
Question
Can someone rent to own a home from someone that has two existing loans on it?
This person needs to get these payments off of her hands. She is willing to let someone rent with the option to buy. Can this work? One mortgage balance is $115,000 and the other is $30,000. Someone may be interested in paying off the $30,000 and then make payments to the $100,000 with the intentions to own. I am a young new realtor with soooo much to learn. PLEASE HELP!!!
4 years ago - 3 answersBest Answer
Chosen by Asker
Sure but this really doesn't (typicaly) have anything to do with the mortgages. The renter pays the owner whatever is agreed to, and the owner then pays the mortgages. If the owner makes an agreement to sell the place (down the road) for less than the mortgage balances then when the renter excersised to option to buy the owner may nonetheless not be able to sell (since they'd have to come to the closing with money they may not have). This would inevitably set up a lawsuit.
Still, back to the question, the owner and renter can execute a rent to own agreement regardless of the mortgage situation. Again, the renter pays the owner and they then pay the mortgages. Not exactly sure what would happen if an owner did this and then was foreclosed on (probably another lawsuit).
Other Answers
The person who owns the home and the two mortgages is responsible for those mortgages. If they want to rent to someone else (whether rent to own or whatever), that's fine - as long as the mortgage gets paid.
One thing to be aware of is that many mortgages and insurance require the holder of the mortgage or insurance to have that place as their primary residence (otherwise it costs more). This may not be a problem with mortgages - I don't think they care as long as they get paid - but for insurance, if something happens and someone makes a claim and it turns out the person(s) living there were renters and not the one who took out the policy, insurance might deny the claim. So you'd need to check the policy and perhaps get a rider so the renter is covered.
Other than that, no one cares, although when the deal is up, both mortgages will have to be settled before the deed transfer can be completed.
It would be a good thing to have an attorney (maybe for each party) make an agreement that covers all bases.
I'm sure the mortgages require the lender to sign off on any change in ownership (even an agreement for future change) - because those loans would need to go to the buyer upon purchase.
by josh - 4 years ago
