All Forum Posts by: Ahmad Moore

A close friend of the family ,who was married, and had a house together got divorced and in between that time, she did a QC and removed her name from the deed. The ex husband is now deceased, no will, but there are heirs. However, the ex wife name remains on the loan itself. From what I was told, no one is interested in the house. It’s 40k in the arrears (Pre-foreclosure)with an approximate 111k remaining. I’m interested in the property but trying to figure out what’s the best recourse in obtaining it. All responses are greatly appreciated.

@Jay Hurst definitely! Thanks!

Omg.. lol If no other details of the loan was given to the lenders how in the world would they know when I purchased said home? SMH. I’ll try next month the seasoning time would have exhausted and update the masses.🙂

@Pat Lulewicz absolutely! I was willing and did lose what I paid for the appraisal and valuable time of submitting so much paperwork, but I think it was worth it! Btw, it was 2%, but don't tell anyone..smh. lol Yes, it was tight- I think I was looking at about $200 (wouldve been my lowest cashflow to date) but my plan was to clear up remaining debts and also its already written that next year my rents were increasing to $1900 anyhow so I was going to ride the wave.

@Jay Hurst, to address your concern as to why I keep dismissing seasoning wasn't an issue, because that is TO BE TRUE..lol!!  I think I wrote, and I don't feel like checking, and if I said anything different, I apologize.  I'll even expound further... my traditional banks DID NOT have an issue with me getting the loan, I decided not to do it because they, although temporary, are doing 75% of the PURCHASE COST + REHAB instead of the typical appraised value that I am accustomed to.

So again, I, myself did not move forward. Nothing more, nothing less.

@Tarik Turner, it wasn't a seasoning issue. My original banks changed their lending practices, although it may be temporary. Like I mentioned, instead of lending 75% of the appraised value, they're lending 75% of the purchase price+ rehab- that was the issue.

 Thank you!

 Very insightful, thanks!

 The market rents changed the scenario...appraisal came at 30,500 over. 

No seasoning issues. My banks didnt turn me down, I didnt move forward because their lending practices has changed within the last year. DSCR note change was due to market rents they tried to go with which wasn't correct at all and I didnt like the terms...