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Updated over 3 years ago,

User Stats

91
Posts
31
Votes
Shella Sanders
  • Flipper/Rehabber
  • Dallas, TX
31
Votes |
91
Posts

Dallas TX collateral assignment

Shella Sanders
  • Flipper/Rehabber
  • Dallas, TX
Posted

I hv a house in Dallas, TX that I sold owner finance to a family for 180k. 

They put down 20k and financing 160k with me. 

My underlying loan is for 110k at 12% for 30yrs. (why so high? Let me tell u the story)

I bought and fixed the house with hard money at 14%

I was working with a commercial lender to refi the house to 5.375% over 30yrs.

Paid for appraisal. then submitted a lease from my buyer. then had to hv the buyer move in because the appraiser had to verify that the house wasn't vacant before they could close. THEN we got ready to close and the lender told me that if I sell the house and transfer title, that they would call the note due. Or me cancelling the insurance(since the buyers would hv their own insurance) would trigger the due on sale clause. So I was in a crunch now that my buyers were living in the house and waiting to close.

so I ended up having to do a loan modification with my hard money lender dropped it down to 12% over 30yrs. So i could get the wrap closed with my buyer. now I need to get my underlying loan refinanced but I figure I need to do a collateral assignment of my note lien since I don't own the property anymore. 

does anyone have experience with this or even better know someone (preferably private lender) that can help me do this refi

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