looking for direction on the following situation: we bought a 1-acre tract a few years back and the lawyer put it under an s-corp for asset protection. we then proceeded to build a ~1500 sq foot house on it a year later. current county tax evaluation is $135,000, looking to get out $60k-$70k. we have never had a mortgage on it, we do not owe anything on it. While we built it, we paid for everything pay-check to pay-check. we have never used it for any type of business. so no profit or loss of any kind to report other than the home value. now we are looking to pull some equity out of it to pay off a bunch of stuff. tried rocket mortgage, and was told they will not look at it as it is under a business, and if we somehow transferred the house out of the s-corp, then we would have to wait 6 months before they would look at it.
so what might my options be and who would i need to talk to about this? line of credit with the house as collateral? short sale to move it out of the s-corp? ideas?
thank you for your time and information.
jeff
so what might my options be and who would i need to talk to about this? line of credit with the house as collateral? short sale to move it out of the s-corp? ideas?
thank you for your time and information.
jeff