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Specialty Loan Types
Divorce Buy-outs (Owelty Liens)
When parties to a divorce own a home that has a substantial equity, one party will often be awarded the home as their separate property and the party receiving the home in the divorce decree will be ordered to pay a cash sum to the other spouse to compensate for that spouse’s community interest in the property.
AmeriFund will lend up to 95% of the value of a property for the purpose of paying the cash settlement set forth in the decree. This type of loan requires specific verbiage to be included in the divorce decree. Our staff attorneys will co-ordinate the preparation of the decree with the parties’ attorneys to assure that the divorce contains the verbiage required to properly describe the owelty lien.
These type of owelty loans are underwritten and priced in the same manner as a “cash-out” refinance.
Loans to Pay Tax Liens
As Ben Franklin so aptly put it, there are only two unavoidable things, “death and taxes”. If you’re faced with the uncomfortable position of owing income or property taxes and not having the funds to pay those taxes you should strongly consider a tax loan secured by your residential real estate.
Because of the 80% LTV limitation on home equity loans in Texas many lenders will not provide financing exceeding 80% of the value of your home to pay income or property taxes. AmeriFund will lend up to 95% of the value of qualified borrower’s primary residence to pay either income taxes (for which tax liens have been filed) or property taxes.
These loans are underwritten and priced in the same manner as a standard rate and term refinance.