Mortgage Guide

Casey C asked:


It seems like this would be challanged (sucessfully) in court since the laws when the contract was signed didnt allow modification. I can understand how they could mandate that future mortgages are capable of being modified but not those already written… seems kinda like ex post facto.

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Rosa asked:


I need to record mortgages that are already in effect (cleaning up the books). How do I do this without debiting cash? Debit Building (Fixed Asset) and Credit Mortgage Payable? This doesn’t account for the fact that the current mortgage isn’t the purchase price of the real estate.

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Neo G asked:


I own a couple of fourplexes in Los Angeles. I want to purchase more (another this year while prices are slashed, maybe one more next year), but I know it affects my credit to have a lot of mortgages under my name. But I’m sure the banks who hold the mortgages won’t be ok with me just transferring them out of my name (and off of my credit report), especially now. How do small RE investors handle this problem? How do they get the mortgage liability off of their personal credit?

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