All Forum Posts by: Mohit Madaan

No, not yet. I was thinking the community here knows more than 1 single banker... Anyways, i will have him call the local credit union monday morning.

I will be more than happy to help anyone who wants to buy in India. One thing that's totally shocking to US investors about India is the property prices never go down in India. I literally mean never, even the 2007-08 crisis they did stop growing but barely went down.

A very close friend of mine bought a house in 2010 in Stockton, CA area for $330k and i think he got 95% mortgage, so he obviously had $400 or so PMI, mortgage payment stands around $2700. (I couldn't be wrong on some numbers).

Now, the house is showing at $450k according to Zillow and even this friend of mine thinks its worth at least $430k or so.

He is self employed and last couple of years has been just bad experiments in business, so no real income. He has been living on his savings and paying his mortgage always on time.

So couple of questions

a) Can he refinance to get rid of PMI?

b) Does he have to have income proofs to get this sort of refi done?

c) Any chance of using equity to get cash out without PMI, the plan is to use cash out for REI?

Thanks a ton in advance.

Super busy at work today (love those days), so give me a day or two to get back to rest of you. I did deliver few lists yesterday and spoke with few yesterday, so its getting close... Just haven't done anything all day today.

 @Warren Sterling  it sucks to wait but look at the bright side, you just got on the bus just in time with everybody for free list.

Since its weekdays and i am working from office this week, so it shouldn't be long before i get to you. If you see my last update, alot of people don't even respond so i am guessing, i might end up delivering only about half of the lists here.

what is your interest rate with Hard money lender? Are they willing to extend the loan term?

Also, pictures of driveway should help people suggesting better.

Are you getting declined flat out on refinancing or is there a equity problem and you think bank would be more inclined towards lending if you were to put some more money down?

@Airy i think you should post this one in foreigners section. You should get better response there.

Alright people, i am not taking any more requests in PM or thread. Please, please do not post or pm any request. I would like to make new connections and keep in touch though! In the next week or so, i will deliver the list to everybody who has posted request in this thread.

Thanks for the great response, please do not forget to leave your feedback on the list once you do your marketing. Thats what i ask for in return.