All Forum Posts by: Lee V

I have two lower end properties in Milwaukee that I own free and clear. One is valued at $75,000 and the other one valued at $45000. How can I go about take out equity? Are there any collateral lenders? or cash out Hard money lenders willing to do this?

Can anyone shine a light on this? I had tenants who divorced, left the property abandoned. Their friend decides to squat at the property, keeping it nice, but not paying anything. What can I do to get him out? I called the police and said the property seems to be abandon but squatters are living their. they told me its a civil matter.

Stockton/Sacramento/Modesto area are really good right now. Price seems to stablized over the pass 2 months or so, but then again, Im sure the banks are just regulating how many properties to release during certain times to control pricing.

Here in Stockton, in the good areas, a house priced right doenst last a few days on the market with mulitple offers.

There are a lot of deals here that will work with the 50% rule. Im purchasing one right now for 71k, needs very little work and should rent for 1200, but then again, I just look at the numbers and dont pay attention to any 50% or whatever rules out there. **Not bashing or saying you shouldnt follow it**

thanks for the reply. I think you didnt make responsible investment choices which led you in that direction, but its all good, I know how easily it was to get a loan back then. best of luck in the near future... we live and learn.... thats how we grow!

Hi Summerhomes

I totally agree with what you have said. I have spoken to a few loan modification companies that claims to be able to do this. I also asked them to prove it and they said the same thing, violated client relationship. I told them that I just wanted numbers as example, like.... "give me a scenario that you, yourself have successfully reduce the principle balance." Of course and they couldnt or wouldnt.

I was debating this with my in-laws the other day and my opinion is the same. If they let one neighbor reduce their balance, the whole block is going to want to reduce their balance also.

But the other side of the fence seems pretty bright also, why not keep owners in their own homes if they can prove they can afford the new lower payment.

I was working with a property that had a loan balance of 450k. The owner wanted help and we talked to the lender. I told them the owners would stay if they can lower the balance to 300k, the lender refused and rather put the house on the market for an approved short sale at 220k. That doesnt make sense to me but the owner decided to stick it out and just foreclosed. Wells Fargo just called them after 6 months of non-payment and is trying to work something out now again..... we'll see.......

???????

Okay.... thats funny. W/hat I was asking is if anyone out there had successfully modified their loan balance down to CMV.

(Not how to pay your loan balance down to CMV.... thats pretty obvious that if you pay it down, your balance is going to go down.....?? Not sure what advice that was for.. but thanks)

Im also referencing to claims from the "loan modification companies" out there that states they can lower your loan balance to CMV.

Thanks

Please share any successful principle reduction situation you experienced. Is this really possible? Bringing down loan balance to current market value?

Okay... I kinda skim throught your guys conversation above.

My 2 cents.... Vivienne, I think what Tom is trying to say here is that you are basically not accepting responsiblities for your own actions. Yes, wall street sucked, and yes, the rules and regulation of the banks sucks by raising your interest rates and what not... but look at it from this point of view.

You agreed to their terms when you decided to use their money/loan/business.... They make the rules to benefit them, not you.

I agree that you are trying to make yourself the victim here, which I dont believe that is the case. I think its more like a few bad investment decisions, but thats okay!

Be responsible, and if you made your decision, you made your decisions. Thats that.

I too made mistakes and is currently going through foreclosure proceedings, but I dont blame anyone else.
(Of course, I truely did have hardship issues, mom and child passed away less then a month apart). I would love for the bank to just reduce my principle to where I can manage, but they refuse and rather sell my property on a short sale for 100k less then what Im willing to offer, but you know what, its their decision.

In regards to you flipping the reduce principle value, if its not illegal, more power to you! i just dont understand if your assets and whatever is that high... why would you consider renting?

Anyways, can you note me the atty / loan modification company info you used, maybe he/she can help me out in my situation.

Best of luck to all! = )

Originally posted by Nick Johnson:

quitclaim isn't going to get anything called due.

Why isn't the property getting warranty deeded to the LLC's name instead of getting quit claimed?

Nick Ive seen you posted this comment about warranty deed and quit claim deed. Can you explain to everyone what the difference is and why one would chose one over the other....?

Also...Nationwide, when you transfer ownership, how did you handle the title insurance issues? I have read conflicting story about title insurance.

Thanks

I know this is an old post, but just wanted to get an update to the above reference.

Do anyone know of any bank in today credit crunch that will allow a loan to be transfer from an individual into an LLC with the individual just guaranteeing the loan?