All Forum Posts by: Chad Wan

Quote from @Peter Dukaj:

Im surprised the county foreclosed, I was under the impression you needed 3 years of unpaid taxes, not 1 year unpaid for 3 years

In MI, it is 1 year unpaid for 3 years. 
If you pay for recent year, it won't pay for the oldest one first. There are few interesting cases that property owner mistakenly didn't pay the whole amount, and got forclosure on. One in 2019 has less than $10 mis-payment.

Quote from @Erik Estrada:

Quote from @Chad Wan:

I was applying for a DSCR on my rental property (cash out refinance) and everything seemed ok, my FICO 680, DSCR 1.08, Appraisal $179K, LTV 65%.

Unfortunately, the lender cannot close due to derogatory on record on my primary residence.

I bought current residence with cash on 2021. I was under impression that property tax was included. Turn out it wasn't and property was in tax foreclosure on 04/29/2024. I bought the property back from the auction on 08/30/2024. This was not on credit history but on chain of title. 

Any lender has experience close on situation like this. What is my option here? Is there any work around this. Thank you.

 Which lender did you use? 

It sounds like you have reason for grounds if you bought the property back in auction. Did the lender find out through a personal background check? 

Not through personal background check. Does lender do the background check?
Title company found out because it was on the chain of title.
I don't know if this is common practice since this is not the subject property to be on a loan.
It is my primary residence.

Quote from @Tony Savage:

Did your title company miss this property tax lien?

No. The title company didn't miss it. At the time of transaction, title is clear.
It was my mistake that assume 2021 property tax is paid at the transaction.

The derogatory happen in 2024 when the title is in my name. MI has 3 years delinquent tax.  

I was applying for a DSCR on my rental property (cash out refinance) and everything seemed ok, my FICO 680, DSCR 1.08, Appraisal $179K, LTV 65%.

Unfortunately, the lender cannot close due to derogatory on record on my primary residence.

I bought current residence with cash on 2021. I was under impression that property tax was included. Turn out it wasn't and property was in tax foreclosure on 04/29/2024. I bought the property back from the auction on 08/30/2024. This was not on credit history but on chain of title. 

Any lender has experience close on situation like this. What is my option here? Is there any work around this. Thank you.

Quote from @Kristie Laufer:

Hi Chad! I'd love to help you with this. Let's connect!

 Thank you. I DM you.

Quote from @Connor Hibbs:

Hi Chad,

How quickly do you need to close? I may be able to help here. Also is this for a long-term DSCR loan or a bridge/ rehab loan?

This Friday. I tried to ask for extension.

I did explore DSCR with other lendor. It seem to take times. Looking to close sooner. I DM you.

Quote from @Jesse Holsapple:

Reach out to me, happy to explore this today.

Thank you. I DM you.

Quote from @Andrew Zamboroski:

Quote from @Chad Wan:

Newbie here. I have a situation that need advises. 

I won the bid from the county auction. 

The house is $225K value. I need $65K to close the auction. My usual lendor has the health issue and can no longer fund it. 

I have two other rental properties that I can use for collecteral. I own them free and clear.

I have contacted traditional lendor for a loan but looks like they can't close in time. What is my option here?

 I’m local and may be able to help. Let’s connect and see if we can put something together.

Thank you. Not sure how the forum work, but I DM you.

Newbie here. I have a situation that need advises. 

I won the bid from the county auction. 

The house is $225K value. I need $65K to close the auction. My usual lendor has the health issue and can no longer fund it. 

I have two other rental properties that I can use for collecteral. I own them free and clear.

I have contacted traditional lendor for a loan but looks like they can't close in time. What is my option here?