All Forum Posts by: Eric Foster

I think what they were trying to say is that the loan is based on the property (as collateral) qualifying more so than the borrower qualifying…

As far as defaulting, I would say that it would or at least could affect your individual credit rating.

P.S. The lender has heard "I have an offer" an million times...

Keep it simple and just reinstate the loan and bring it current. Then you have all the time you need.

I would "get the deed" and reinstate the loan.

Call the foreclosing attorney and get the reinstatement figures PRONTO. I would also call the lender and ask for an extension and let them know the loan is being reinstated.

What state is the property in?

I think there are a couple other posts about that…
You may try using the search feature here on Bigger Pockets…

Fred,

To answer all of this correctly, it would take about 100 pages… But here is a short version…

Also, You may want to start separate threads for bird dog's and wholesalers and for FSBO's… I treat them totally different.

Here we go...

Buying from a bird dog or wholesaler compared to a FSBO should be done differently. With a bird dog or wholesaler yes a letter of intent would be fine… With a FSBO if you are in agreement on things, get the purchase and sale agreement signed and skip the letter of intent.

As far as making changes, usually an “addendum” to the purchase and sale agreement is used to make changes.

There is really a lot more to it... But it is hard to jump back and forth talking about all three at the same time.

Welcome to the Group! Glad you are here…

Lex112,

Who told you that?

Doing an 80% rate and term refinance should not be a problem… Doing an 80% cash out refinance probably will be!… Especially in todays mortgage market!

How do you have cash into them? I didn’t quite understand that part… On the purchase with the hard money lender?

Things you will also run into is “seasoning” on how long you have owned them before you want to refinance them…

Also, why are you using a hard money lender? Have you looked into rehab loans?…

What you may need it a alternate doc type… i.e. No income verified but with verified assets… You are not going to go “full doc” with those ratios…

Find some other mortgage brokers and or local banks… Dial for dollars!

P.S. You may also want to ask this question in the mortgage forum too.

I see we scared you off… LOL

Better to be safe than sorry. So they say...
What you want to do is probably ok overall... But as mentioned, the disclosure thing really comes into play with a license being involved.

Kill the license and get big brother off your back!

Yea... Man what the life! I need to get there too!

Thanks for warming the thread back up again... I have the book right next to me and have been meaning to read back through all the highlighted pages... Need to do that soon!

Another book that goes well with this one is the EMyth... Talks about McDonalds and systems etc… A must read too!

Good luck!