All Forum Posts by: Gretchen Parlier

I've just now hit this roadblock at 5 mortgages, with a portfolio lender!  Apparently there are newer federal regulations that require additional criteria to be met to determine eligibility.  My lender says I have to be able to cover a certain percentage of my rental properties mortgage payments from my personal (W-9) income to allow for vacancies, economic downturns, etc.  I have no vacancies, no late payments, and excellent credit.  Any advice on financing for buy and hold deals would be greatly appreciated!

Yes, this is a Freddie Mac owned property that is now listed on auction.com .  My preliminary title search shows a second mortgage on the property, and that is my concern.  My understanding is that normally the junior lien is "out of luck" if the senior foreclosed, so the lien is extinguished but not the debt.  I'm just nervous about bidding on something I'm not sure of.  Thanks for the info!

I've got a lead on a Freddie Mac foreclosure that is headed to auction.  I had an online title search done that revealed 4 other liens.  The auction terms state that a warranty deed will be issued.  What happens to these other liens?  Does the warranty deed protect me, or will I be on the hook?  Does Freddie clear these before closing?  Does anyone have experience with this?  Thank you!

I'm considering the purchase of a two family rental that currently has separate oil furnaces for each unit. How should this be managed? I am concerned about the logistics of the tenant paying for a tank of fuel up front, moving out and leaving an empty tank, and will tenants be willing to put up an additional deposit to cover this? Or, should I change the system to electric heat and let the tenants pay a larger electric bill? Will I be able to rent these units?