St. Jude's Dream Home Giveaway - Financing Question

[Themanwithnoname]

Originally Posted by oregonwoodsmoke

I think a bank could do it, all through an escrow account. I don't think that would be the issue. They would be in first mortgage position on the house, which would be darn secure considering that 3/4 of the value of the house is equity.

The problem would be if you don't have enough income to make the payments on the loan. No matter what, it is going to take a few months to get title all situated and to get the house sold. You'd have to be able to make a couple of payments.

The country is full of hard money lenders who would make the loan for you. Interest rates are really high, but that probably wouldn't worry you since you'd be putting a whole lot of cash onto your pocket if you could only pay the taxes up front.

1 year, renewable.

That's what my buddy typically does.
He's currently having the house he gutted and is almost done (finish drywall and paint is all that's nedded) with renewed.
This time he even rolled the interest over and is getting enough to finish the place and about $10k cash to live on.

[LillyLillyLilly]

Originally Posted by Lowexpectations

Which could be the home itself. I'm pretty sure a mortgage or heloc could be setup coninciding with the transfer to take care of this

Edit: maybe not though

https://www.google.com/amp/www.9news...tune/339329223

She was set on keeping the home to live in. It makes sense that if she can't pay off the loan for taxes, no financial institution will give her the loan. It doesn't say she considered selling it if that would get her a temporary loan, but you have to think St Judes would have suggested it if it was possible. Hmmmm . . .

[stracye]

Thank you all for posting information regarding taxes for winning the St. Jude Dream Home. There is a lot to consider and your information will be very useful if I were to win this home or another sweepstakes or raffle.

God Bless!