I bought a rental cash fixed it up and rented it for 3 years (very much a pain). Now I am selling it and buy another replacement rental. What or how sould I go about transfering the money to the new property???dw

Having a competent loan officer, or even better, CPA would help answer this question.. the current Long Term Capital Gains tax rate is variable based on your income for the year you actually sell the property... these rates cap out at 20%, but could be as low as 0%. You could also do a 1031 exchange. It has it's advantages, but it's not ideal if you can pay the lower LTCT tax rate.. But without knowing all the details of your actual scenario, it's hard to advise you properly.. I'm here local, so feel free to call me and I would be happy to share my expertise with you.. Unfortunately, you are stuck.. Code 64 has to do with "Credit Enhancements" which have nothing to do with you directly.. it's how the lender at the time decided to write your loan, and whether or not it was intended to be bundled and sold or held in a portfolio.. The most common "Code 64" loans were done where the borrower did not put 20% down, which would require mortgage insurance, but the lender paid the MI premium and charged you a higher interest rate to offset it.. So you think you don't have MI, but in reality you do.. This type of MI is not transferable, and as a result, you get a "Code 64" ineligible with LP findings. There was talk about a HARP 3.0, which was supposed to address all the other borrowers who have not been able to take advantage of the current refinance programs.. Unfortunately, congress has stalled on approving this and it does not look likely to pass.. If your loan to value is 95% or less then there are other options, and you still might get payment relief.. Try contacting a local mortgage professional and let him look at our complete loan profile.. once he see the complete picture, he can advise you properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sorry.. that bottom part had to do with a different question.. Having a competent loan officer, or even better, CPA would help answer this question.. the current Long Term Capital Gains tax rate is variable based on your income for the year you actually sell the property... these rates cap out at 20%, but could be as low as 0%. You could also do a 1031 exchange. It has it's advantages, but it's not ideal if you can pay the lower LTCGT tax rate.. But without knowing all the details of your actual scenario, it's hard to advise you properly.. I'm here local, so feel free to call me and I would be happy to share my expertise with you. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

You need to talk to a smart and experienced Loan Officer in your area. You can avoid taxes on the sale by taking the profit from the sale and using it for the next home. It is called a 1031 exchange (also known as a Starker Exchange). The money from the sale has to pass through an authorized third party (the exchange), and can NOT go directly to you. I'd help, but I am not licensed in AZ. It is VERY IMPORTANT to get this set up properly prior to the sale. You have a limited amount of time to identify and close on a new home. Of course you could just sell the house and pocket the money, but you will need to pay taxes on the profit if you go that route. A 1031 exchange can save you a lot of money. Good Luck! Lending in MN, Wi, and SD - www.JoeMetzler.com

Get with either or both a CPA tax attorney, CFP who is knowledgeable about the 1031 exchange.