All Forum Posts by: Jim Bob

I had a TD account for years. After discussions with the branch rep., I had phone discussions with the mortgage guy. One reason for declining was unavailability of insurance on the home, even though the loan limit was covered four or five times by the land value on a 1st position heloc.

Jesse, I have properties in FL and SC, all with no liens or mortgages. I'm seeking revolving lines of credit, about 10% to 20% loan to value maximum. There's no insurance on the buildings, but the land value would cover the loans two to five times. Ownership entities are trusts, mostly Florida land trusts.

One lender wanted high interest, plus 20% closing costs, so I'm not encouraged. 

So the loss due to Clayton County malfeasance was about 15 times what you'd have suffered in a county not Clayton, Dekalb, Fulton, or maybe Cobb, correct?

Try to obtain the list of actual writ of possession executions for the prior week, and then lookup the initial filing date from the case numbers. Now you have a sample of actual timelines for your location. The case files have examples of all the forms you might need. Copying pages at the courthouse costs less than seeking legal guidance. County and law school libraries also have examples of forms and procedures.

It's not so much the laws, but the politics, and the relative amount of corruption among those elected to enforce the laws. Even in Sandy Springs, the original poster's location, investors have to deal with Fulton County injustice.

How should I handle repetitive guests with dogs?

I'm a member at a credit a union which declined a heloc on even the homestead residence because the ownership was in a trust. Another lender had the same story about requiring conveying out of the trust at closing. The original revocable trust became irrevocable upon mom's death. I could convey the property to new revocable trust, but I'll keep inquiring at a few more lenders first. Another one won't consider rental income unless it's on a tax return. Since I have no liability, and thus late fees, I could file a return or two, but I'd rather just add to my list of silly banks for now.  

Today I'll try the forth follow up with TD to get their opinion of replacement value for the insurance. They say the insurance agent's value is too low.

Fifth third declined, for among other reasons, that the rent isn't a "stable monthly acceptable income source." That's for a heloc on the primary residence. They wouldn't allow an application for the second home or the rental home.

TD declined an application for the second home because the the trust ownership became irrevocable upon the death of the settlor. Who knew that revocable versus irrevocable was a deal breaker?

I'm amazed that a 10% loan to value, first position, heloc, is so difficult.