All Forum Posts by: Account Closed

Hi Jared,

I am interested in any leads for the Charlotte NC/Rock Hill SC (really anywhere in the York County SC area) that you may have.

I am an active real estate investor w/ over 10 years experience.  

I look forward to working with you!

The wholesaler does not want to do transactional funding bc of the expense.

Yes that is the reason the wholesaler wants to do two different closing statements - is this common industry standard?  This is our first so we are not sure if it is being handled correctly.  We have attorney saying yes and another no!

We are doing our very first assignment of contract and are being advised to use two separate settlement statements (ALTA form).  Is this the standard industry practice for this type of transaction?

Hi,

What is the acceptable "label" for a wholesale fee when closing a deal?  We need to put it on the settlement statement so he can be paid but are struggling to find the right term...does "Finders Fee" work???

For Flooring that looks great, will hold up to water/dampness, check Allure line of vinyl flooring.  I just saw it down for the first time (had seen in HD but questioned how it would look down - too cheap maybe) but it looks great and holds up.

If you are happy with the outcome that is all that really matters...for clarity sake what your wife got was a repayment plan not a actual loan modification.  Loan modifications change the actual terms of the loan itself (I.E. the term, rate or principal amount due in any combination).  They are not 4 months long but rather either the remaining term of the existing loan (assuming they did not need to re-ammortize the loan out to make it work numbers wise) or they actually extend them for up to 40 years (depending on program or investor guidelines).  If the repayment works then that is great...best of luck to you guys.  Just an fyi, if you ever find yourself in the same situation w/ the property you would still be eligible for a mod, ss or DIL.

Short Sales can be tricky for pricing purposes as the investor (owner of the actual loan) is the one that dictates what they will actually allow the property to be sold for.  Unless it is a government backed loan there is no way to know what amount they will actually accept.  If the home is in need of repair it is always a good idea to actually submit quotes on the required work w/ the offer to justify your offer amount.  The lender/servicer will really only consider repairs that are necessary to make it habitable.  If the repairs are cosmetic in nature only, then they typically won't put any weight into the repair quotes.  One other strategy that works as well is if they will release their appraised value and you can prove it is too high via comps in the area then you can request an exception or challenge their value.  Good luck!

You should not have to "put money toward the modification" at all...I have been doing them for years now and have successfully completed almost 200 loan mods/ss - in order to get one you absolutely do not need to pay the loan current.  If they are asking for a contribution in conjunction w/ the loan mod now that is a different story.  You do see that is the borrower has sufficient liquid assets to contribute to the overall workout.  Again though, they really should only be requesting her financial information, not yours as you are not legally liable for the loan.  Now if you have contributed this information and advised them you have the money and are willing to pay it then that is a different story all together.  At the end of the day though it is your wife's income alone that is required and again you can contribute but should only do so to get the numbers where they need to be to get a loan mod approval.  As for the exception on a short sale, yes they do occur but I personally have not seen a situation where the investor guidelines allow family members to buy a home in this manner(due to the arms length transaction issue)...doesn't mean it won't happen but I would have my doubts on what you are being told as a professional in this field.  If I had to guess based off what you are saying, the person @ the bank you are speaking to it telling you what you want to hear to get you to pay money to them and then when all is said and done the exception for approval of the SS won't happen.  I hope you have a different experience w/ them though!

Hi I wanted to comment on your scenarios bc there are many misconceptions about loan modifications. The purpose of a loan modification is to bring a loan contractually current and make the new payment in line w/ the new economic situation the owner is experiencing. If your lender is advising you have to bring the loan current in order to get a mod, that is false and your are probably dealing w/ the collections dept (they receive commission for the amount of money they bring in so they are incentivized to get as much as possible!). In addition, it is not possible for you, as your wife's husband, to buy the property as a short sale bc it is not a "arms length transaction" which is a requirement of most lenders/servicers in approving a ss (most have affidavits that will need to be signed attesting to this). If retention is what you want then a loan mod is your best bet (best chance at a decent new payment and least expensive) and your wife's income is the only one that is "required" to obtain it (assuming she can support one based on the DTI ratios they use). If her income alone is not sufficient you then have the luxury of contributing to the household, if you so choose. Be cautious of this though as the more gross income you have the higher the new payment may end up being bc that is what they base the new mtg payment on. Only contribute enough to make the mod happen. With a good modification it is typically not even required that a cash contribution be made in order to get back on track as the terms of the mod usually make that happen!