All Forum Posts by: Jeremy Namen

I think it all depends on how long ago you bought it and what sort of reselling clause was attached to your contract.

Bill
My "crazy talk" was laced with a bit of sarcasm. I appreciate your explanation and ill leave it at that. I do have the loan amounts for each property.. my problem has been that my appraisal was inflated about about 100% in order to pass another persons debt on to me. There was ignorance on my part but im not sure if being knowledgeable would have helped because mostly I wanted my home. I have lived and put sweat equity in it for 3 years.

Dont you agree that a persons experienced "feel" is worth about, well nothing and that the purpose of this site is more geared towards learning teaching and helping? Not towards accusing, judging, or belittling with no substantial facts or information other than conclusions that the accusers have conceived for themselves based only on their own past experiences? I do agree that people will express their opinions but i also feel for the betterment of the site maybe people should think a little more about their intentions on responding to a post. Are they posting to help?Are they posting to share knowledge? If this site is supposed to be a positive one, are they being positive in anyway or are they just being negative? Im just saying save the negativity for when negativity is due..

Thanks Steve ive actually looked at this and a few other sites but I cant seem to find if and what applies to commercial loans and or if it matters the type of loan if a principal residence is involved. Its a commercial loan given to single member LLC personally guaranteed containing 5 properties and 1 is my primary residence.. kind of complicated.

This has become comical. Ann I was introduced into real estate as a straw buyer for a group or ring of investors. I had no idea what everything entailed or what the purpose was of buying a property for them and selling it the very same day other than I thought i was investing in real estate because i walked away from the closing with a check. I didnt seek real estate it sort of just became to be. My entrance was not the normal so please try to understand that when I began to buy properties I was just introduced to their banker and i signed a few papers my credit and such did not matter nor did my understanding of the process. So I was first the straw buyer THEN without any experience or knowledge and just sort of skating by I began buying my own properties all approved by the groups "banker". But anyway ASSUMING that this is true actually regardless if this is true, I revert to my question...Is this predatory lending? And Ann this is a very small nice community bank :)

Interesting..Ive asked a simple question, and no one seems to know and with no facts of how I am handling the situation I am being accused of being irresponsible! Bravo Bill! Id suggest you refrain from answering questions until you learn to help by answering direct questions. Stick with crunching numbers or whatever it is you that are good at and let humans handle evaluating the living breathing real life situations :)
By no means am I wanting walk away from my situation though many probably would have. Im asking is this a form of predatory lending?

So are you unsure as well Don? Or is that Complete Craziness the craziest thing that you have ever heard and just so crazy as to disable you from giving any real input? Dont allow this to be so for crazier things have and will happen...

The first loan I ever received was a commercial loan and that is because i was set up as a straw buyer with no clue what i was doing. ive received several loans after that and all by the same bank and vp lending officer for my own dealings and never thought of going else where.

Crazy Aint it?

I was in a partnership to buy rentals. My partner and i went separate ways and divided up the properties. They had all been in the biz name and 3 guaranteed by him so until i was ready to get a loan i went into a lease with option contract for the remaining balance on the note attached to each prop. When it was time to exercise the option i actually sold 2 of them back to him and went to the same bank that holds all the notes to take over the loan on the last one, my Principal Residence. The bank did an appraisal which came back way too high IMO and told me that the only way that they would allow it was if i took 2 more props from my ex partner and paid off his taxes and got him current on all of his loans.I also had to roll my 2 other invest prop loans into this note and they were not even due. .. I ended up doing this but im just thinking that this is fraud.On top of this the note ballooned in just one year and the way it is structured has made it virtually impossible to refinance elsewhere. The kicker is that this was a commercial loan and while i am the guarantor they put everything in my business name. My business is a single member LLC..In short I approached them with only the intentions of securing my personal primary residence and was told that bc the property had been cross collateralized with others in the old biz loan that I had no other way of securing my home either through them or with another institution. The other properties i was required to take were not the ones that were crossed. I would not have chosen this loan if i had any sort of choice. Am i out of luck because of the way it was structured? It sounds crazy but I really did not know that there was a difference in residential loans and commercial loans. But maybe when a principal residence is involved the commercial aspect will not matter?