Every home we've bought has been mortgaged by USAA. Now, I have a different problem. Six years ago I inherited a duplex, and it is mortgage free. We decided to renovate the place and rent it until the real estate market improved. An old friend, a retired realtor, has managed the rental property for me since it is 600 miles away from our home. Last year one of the tenants expressed interest in buying the place and I have been expecting a closing in the future. Now I find that not only the closing is off, both tenants are about six months behind in rent. I am thinking that my friend managing the duplex has health problems.
Does USAA offer equity loans on real estate? Getting a mortgage on the duplex doesn't seem right. I want to sell it, but now I think I am facing two evictions, lawyer fees, and selling what may become vacant rental property. It seems like there are a lot of investors looking for discounted homes/apartments for investments, but they are looking to buy "low." I could sure use some advice.
At this time, USAA is not offering home equity loans as we update out systems. We wish you the best of luck figuring our what to do with your Duplex. Thank you for posting!