All Forum Posts by: Chris M.

I had a similar situation with my primary residence. I tried to refi under HARP 2.0 from 3rd party brokers and through Quicken on my own with no luck. Sterus serviced the loan and never responded to any of my requests.

I got a call from Quicken one day that was a little different. Seterus had outsourced the refis under HARP to them. I had no problem doing the refi and just like Sam Leon they sold it back to Seterus after one payment. IIRC that was the condition they had with them to handle HARP.

Sorry about that, when I inspected the unit it had some plumbing and electrical issues and some leins that needed to be brought current. That killed the deal.

I took a break from active investing to enjoy my daughter's first year with us. Now that she's turning 1 this year, its time to get back out there.

I spoke to a Prospect broker today as well, the terms are pretty appealing to me as I have only two properties under mortgage, one being my primary residence, and the others free and clear.

The terms I was told were:

Up to 4 loans:

10% down
No appraisal
Conventional underwriting guidelines
6 months reserves
max 45% DTI

Didn't ask about lending to a LLC or S Corp. Still weighing the benefits of going that route or getting an umbrella policy.

I'll probably pursue this after my taxes have been filed for this year. Anyone else closing with these types of loans?

Chris Martin, sure I'll send you some more info as well as confirm the address of the unit. I'm currently closing on a refi on my primary residence so once thats done I'll shoot you over everything you mentioned above.

Well when I say test, I mean that I'm feeling out how the system works. If an offer comes back thats doable, then I'll evaluate it as I would any other funding option.

@Chris Martin, that sounds like exactly my ad. As a lender, do you have any tips or additional information you like to see on initial lending requests?

Chris Martin Funny coincidence, I found out about Money360 from this thread and submitted that request as a test of the system.

Good to see that lenders who participate in the community are looking at Money360. It does seem like a great concept that fills a gap in the current lending system.

So what are most people seeing now that HARP 2.0 has been out for over a month? I had no success with it.

I tried to refi both my primary residence and an investment property with a first and second mortgage on it, but no dice with two brokers. They both said I met all the criteria but Fannie's system rejected the app both times. The broker that was assigned by by primary mortgage servicer said that only 30% of applications are being accepted by Fannie based on what they are seeing.

There is talk of a HARP 3.0 that might hit later this year for non-Fannie/Freddie backed loans.

I'm a Heat fan and Miami resident since 99. I don't like what Wade and Bron did to mock Dirk's injury but I don't think this series is over.

Miami has kept it close without Lebron really playing a part. This and Dallas has either shot the lights out or held to reasonable totals.

LeBron could show up in the next couple games and turn this around. If he doesn't then Miami is done. I see it going 7 though.

Fresh paint on the walls and trim does wonders. I always replace the strike plates on all outlets and switches with fresh ones for a good contrast and new look to the area.

If the place is clean and all fixtures work and are in good shape then you're on the right track.

How the outside looks will help attract potential tenants. I've had a number of tenants, mostly women, who didn't want to go inside an apt building because the paint was faded and the outside not landscaped. This was after responding to an ad that showed the inside of the unit which had ultramodern fixtures and was freshly renovated which they loved. After the building was painted, I didn't have that problem anymore.