All Forum Posts by: Amy Beth

If your DTI is close, can you pay off any existing debts even if it means selling a car, if you have a car loan for instance? or pay off other debts. Perhaps if you could lower your debts you could still qualify without needing to show the projected STR expected income.

I purchased a home using a second home mortgage a few months ago.  I had to write a letter reporting that I intend to stay there at least two weeks per year to qualify.  The lender knew that I would be renting it out as a short term rental otherwise. I was told that I could do this since the house was in a resort community and not nearby to my home.  I found my lender through my real estate agent so I would encourage you to ask local real estate agents for a lender whom they recommend.  My lender was with wells fargo. I did also ask my primary mortgage company and they would only do an investment loan so not everyone will do it.

@Theresa Harris I will suggest that on Monday. Thanks for the suggestion.

@Alan Lacey My lender has been disorganized from the beginning so perhaps the escalation specialist I spoke to was confused on Friday. I regret refinancing with my mortgage company.

What is involved in the procedures you mentioned and do you know how much of a time frame it takes to complete them?

I was scheduled to close on a cash out refinance for an investment property in NJ last Thursday. It was cancelled that day and I was told it was due to Hurricane Ida impacting my zip code and they had to be sure my home was not damaged. I was told that all closings in my zip code were cancelled. It is not damaged at all. I was supposed to close on a new property yesterday which I had to cancel because I needed money from the refinance to completely fund it. I am still hoping to be able to reschedule the new house settlement soon if I can just close out the refinance and have the funds disbursed.

Later in the day on Thursday I was told that the mortgage company had obtained the disaster insurance certificate and my loan was in final underwriting and could potentially close Friday or Monday. Then at the end of the day Friday I was told that the mortgage company had requested my insurance company to inspect the property and that it could not close without this. I then called the insurance company to get it expedited whom said they do not inspect properties without a claim being filed and they do not inspect properties on behalf of mortgage companies either. Since I do not have any claims they are not going to inspect it. I called the mortgage company back and emailed but it was late and did not reach anyone.

I need this refinance to close ASAP so that I can buy the other property. Does anyone have any advice? Perhaps someone experienced this with another hurricane? Also to add I am refinancing my mortgage with the same mortgage company whom already holds my mortgage.

@Justin Voegele I do not require vaccinations but I do require proof from a vet of spaying or neutering. This keeps them from having litters of kittens and cuts back on cats marking their territory by urinating.

@Arthur Wong buoy could sell the debt to a collections agency as a warning to other landlords. But if she was on section 8, you will likely never see your money again. You mentioned selling the property but if you have other rentals, I would find a new PM or manage the PM yourself. The tenant should never have been allowed to go three years without paying. That is a lease violation and the PM should have talked to you about evicting the tenant when the tenant first refused to pay. And not understanding why you do not require the tenant to put the bills in his or her name also.

@Kendall Chamberlain. Unless the potential tenant signed a form saying that it was non-refundable, I would return it. Otherwise, you could be sued in small claims court.

I would just chalk this up as a lesson and do better in the future. Advertise the property today and find a new tenant ASAP. Make sure that the next tenant pays the first month rent and security deposit and signs the lease at the same time to avoid this happening again.

@Travis Lawrence. I would let it sit in the bank and continue to add to it. When there is a vaccine for COVID-19, then go buy a rental property.

@Luis Rodriguez. I would take them. Even if they do leave in a year, hopefully the economy will be a lot better then and you can find another good tenant at that point. And residency is typically three years from what I understand so you may end up keeping them for longer than you expect.