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Updated almost 3 years ago,

User Stats

15
Posts
10
Votes
Kennesha VanBurch
  • Rental Property Investor
  • Maryland
10
Votes |
15
Posts

Any Advice on how to leave a 203K Loan

Kennesha VanBurch
  • Rental Property Investor
  • Maryland
Posted

Hi all, my husband and I purchased a four-unit multi-family home in May '21. Fast forward to Jan. '22 and the renovations to two units and external portions of the home still aren't complete. We experienced a terrible first contractor who disappeared for weeks, followed by a slow-ish bank process to get him removed, followed by our firing the 203k consultant who was not helpful. We've learned a LOT of lessons as first time investors, and, while I'm trying not to be discouraged, I must if ask if anyone has any experience getting out of a 203K loan before the work is complete. Can we refinance with another bank, etc.? Our current bank is not helpful in this area (it doesn't help them for us to leave the loan), so any advice/tips that could be shared would be greatly appreciated. Thanks in advance!