All Forum Posts by: Anna Dyal

Quote from @Mohammed Rahman:

Hey @Anna Dyal - have you considered going back to your original lender and possibly refinancing or pulling out some equity in your home if you have brought your account back up to current? 

You may also want to consider a sale leaseback, but those will ultimately be expensive although they will let you get access to the cash in your equity. 

 I have but the lateness on my record is affecting me. No sale leaseback isn't gonna work cause I am running a airbnb business out of my home. 

Quote from @Chris Seveney:

Quote from @Anna Dyal:

Hey everyone. Can anyone point me in the right direction. I have a 650 credit score. I was told i can't get a heloc or any type of home cash out loans because of my late payments on my morgage during covid. I'm back at work I have made 6 months on on time payments on that morgage and my mortgage is listed at current. I have some medical bills that's killing me and I want to consolidate my debts into one loan. Can you suggest some company's that would help me? by giving me a loans ? Credit karma cannot give me as much as I need and they have like 26 to 30 interest rates. What are my options?

 Whats the loan amount you are seeking, I may have a lender i can refer to you.

Around a 100k 

Specifically around a 100k

Hey everyone. Can anyone point me in the right direction. I have a 650 credit score. I was told i can't get a heloc or any type of home cash out loans because of my late payments on my morgage during covid. I'm back at work I have made 6 months on on time payments on that morgage and my mortgage is listed at current. I have some medical bills that's killing me and I want to consolidate my debts into one loan. Can you suggest some company's that would help me? by giving me a loans ? Credit karma cannot give me as much as I need and they have like 26 to 30 interest rates. What are my options?

Thanks. I'm trying to. 

Quote from @John Acheson:

Get a FREE EIN and get tradelines and move all credit to business credit cards/lines/loans that DO NOT report to personal credit to boost your scores! 

Wow. This is amazing advice. Thank you 😊 

Hey everyone. Can you advise me on where I can apply for a personal loan for $50,000. My credit is terrible right now it's between 550-600. I'm looking for it for debt consolidation and investing it to get my second airbnb unit ready for rent. My morgage is up to date but it has not been updated on my credit report so it's showing late payments for that and also my credit cards are up to max. Is there any way I can get a secured or non secured loan for this amount?. I can slowly pay off my cards but if I can get my debt consolidated I can get there faster. I can't take out a home equity loan because of my late payments and bad credit. Please point me in the right direction. Thank you. 

Quote from @David Shakhunov:

In NY once you accept the money for forbearance you are NOT allowed to refinance your house or sell it for the next 5 years. Yes you will become current on your mortgage and your credit score might go up but if you decide to sell or refinance your house you will have to pay all the money on the spot that you received for the forbearance. So if you accept forbearance money from the state, your only option is to get your personal financed in order and clean up the debt using your work income and the income from the properties.

Yes I am aware of that 😩. I just wanted to use whatever they give me to get current on that morgage. I don't mind having to pay it back with the refi money. I'm not gonna not refinance or be stuck in this SFH for 5 years for 50K lol. So Im definitely gonna work on my finances and credit score. I wanted to see if there was another or faster way to go about this process, something I was missing that you guys can help me with but seems there isn't. 😕 Thanks. 

Quote from @Minna Reid:

Quote from @Anna Dyal:

Quote from @Caroline Gerardo:

Forbearance may restrict you from any CASH OUT government backed loan. It appears a better than a short sale.  You need to have a payroll check to refinance. Can you show you have made past 24 months mortgages as agreed? You provide mortgage bill, past payments, forbearance agreement, and amount added on the back end. That back end amount gets paid with any refinance you might find. Do you know how much the payoff is?

I'm not licensed in NY but can give you a name of someone who could advise what rate might be available.

With your score you can get a loan but you will find the rate is VERY high.

Some NY state funds also limit you from cash out - read what you signed. Don't trip yourself there.

Lenders will not use the STR as it doesn't show on past two years IRS taxes, it's only a couple months. Be careful that you applied for funds if you didn't report this new income.

Hard money won't lend on primary residence.

Here are my solutions:

Start negotiating with hospital, physicians, medical bills for hardship relief- daily and in writing. Get the medical off your shoulders.

Get back to work. Be careful with your health and get better.

Don't get a hard money loan on the duplex it will only make your financial problems worse. Bumping the payment up short term is not a good plan.

Pay the highest credit card extra payments and everyone else on time. Get cards to under 69% of the available line.

Don't close accounts. DO NOT let anyone to pull your credit (can happen when you shop for insurance or any time you give someone your social and date of birth).

Move in with Mom to save more money. You need money in your checking account.

You say you don't want to sell and desire to buy more properties. Selling one property would solve the current stress. What can you and Mom make create sell on the side?

Do not withdraw 401k. Use tax refund to pay credit cards not the medical. Watch tax bills from programs.

I will keep you in my prayers.

 Thank you so much for your response. Unfortunately I can't move in with my mom I have a family, 2 kids so I need the room and the second apartment is rented in my mother's house. 

I don't plan to sell either houses. My 2 Family House that my mother is living in is currently up to date and also the Heloc on that house is up to date. It has been for months. It's rented and that rent is taking care of that mortgage and bills. So I don't want to sell that house just want to cash out refinance it.

My SFH is the one that is on forbearance. I have been approved for the NYS Homeowner fund. It's for about 50k but I don't know how much I will be receiving from it. Either its gonna be 50k or maybe less. It's still in the works and The NYS Homeowner fund already contacted my SFH Morgage company to let them know that I was approved for it but the process has been so long I wanted to see how I can refinance and get access to the cash to pay down my debts and look for my next investment property to live in for a year and brrr.

The forbearance is what is affecting my credit so once the Homeowner funds pays the morgage company I will become current on my SFH morgage. I wanted to see my options on how I could speed up the process by not having to depend on the Homeowner Fund and see if I can refinance this house without it. I have started an Airbnb on part of the SFH so it's now also producing income to help with my mortgage once I start paying it again. So any advice on that?

I think the point you are missing here is that even if you become current now - you will still not get a refi any time soon. You can't access your funds without a sale, and the market is declining. Its not a great spot.

I think you are playing a dangerous game waiting on some state program to come through with enough money to make this right. You don't know really know if, when or how much. You can foreclose while you wait and I'm going to guess your forbearance and missed payments wont be covered by what they send, and even if it does, a refi is still not in your near future. You should play with the cards in your hand right now, instead of waiting for any government program to come through to rescue you. 

Damn. I see your point. 😏 I understand but selling either houses is out of the question. I guess I will have to play the slow game. I'm gonna work on my debts. Resume paying my morgage and wait till my score improve and I can refinance. Thank you again. 

Quote from @Jeremy H.:

I don't think a cash out refi would even be that great right now - would've been great a year ago. The credit score, HELOC, living situation with your mom in one house and you in one house, recent work history, income, debt - the terms are likely going to be so bad it's not worth it. You need to run some numbers to make sure these places will still cashflow after a cash out refi and that you'll have money leftover for maintenance/repairs/taxes etc.

Call me crazy, but I'd seriously consider selling. You have several issues right now - I think your health and related debt should be prioritized - and work on RE second. Sounds like you're a bit overwhelmed and have quite a bit on your plate as well. Simplifying life by selling one of the places may not be a bad idea. 

Hi thank you for your response...I don't plan to sell either houses. My 2 Family House that my mother is living in is currently up to date and also the Heloc on that house is up to date. It has been for months. It's rented and that rent is taking care of that mortgage and bills. So I don't want to sell that house just want to cash out refinance it.

My SFH is the one that is on forbearance. I have been approved for the NYS Homeowner fund. It's for about 50k but I don't know how much I will be receiving from it. Either its gonna be 50k or maybe less. It's still in the works and The NYS Homeowner fund already contacted my SFH Morgage company to let them know that I was approved for it but the process has been so long I wanted to see how I can refinance and get access to the cash to pay down my debts and look for my next investment property to live in for a year and brrr.

The forbearance is what is affecting my credit so once the Homeowner funds pays the morgage company I will become current on my SFH morgage. I wanted to see my options on how I could speed up the process by not having to depend on the Homeowner Fund and see if I can refinance this house without it. I have started an Airbnb on part of the SFH so it's now also producing income to help with my mortgage once I start paying it again. So any advice on that?