All Forum Posts by: Lee V

Im just curious, if they are willing to discount the note to an investor, will they be willing to discount the note back to the owner?

For example, say I have a property that is going through foreclosure and my note is 500k, and the appraised value now is only 200k, can I offer the bank say 180k... (pretending that I can get that money or have that money sitting around)?

yea... if I had better credit, been at my job for more then 2 years, and dont have so many debt, I guess I should go to the bank and get a normal 20% down conventional loan... but i dont.

If you know of a bank that will lend to someone like this... let me know. I'll put 30-40% down if needed. = )

My lender is offering me

5 points closing cost, interest only payment at 13%, 5 years balloon, no prepayment penalty, up to 70% of purchase price. they have many other program also if I need loan base on ARV

Originally posted by Michael Rothe:

If she can not afford the mortgage payment on this property how will she afford to rent it? Is it even worth it to go though the trouble of a short sale to only get 5k off asking price?

The current payment is probably somewhere around 2300..... I am buying it at 65k, and wanting to rent for 1100. She maybe able to afford it but I would need to do the usual application/income check.

But I agree with most of what you are saying..... I dont think its an good idea.... if it is even legal at all.

I see.... that makes sense. Thanks for the thorough explaination. So for this to work, there has to be many things coming together... including the bank letting the property go for that deep discount. I just dont know why the bank wouldnt just take the house back in foreclosure and see for say.... 250k... half the appraised value?

Okay here is my situation.

Ive been working with this realtor on this short sale for about 2 months. The asking price is 70k, and I got the lender to accept it for 65k. As is value for the property is about 80k. The comps show majority of the home in this area is selling for 80k+.

But unfortunately, now the owner, who is still residing in the place, decides she is not going to go through the short sale unless I agree to rent the place back to her, thus, no lapse in time. She would just sign a rental contract with me and stay. I wouldnt even have to clean the place up.

She even said she'll show her income and so forth. The property is in excellent condition. If she were to move, all I would need is carpet cleaning and paint to re-rent it out.

Has anyone done this before? I dont want to lose the deal, but Im not sure if it is a good idea to buy and let her stay. I think there is going to be conflicts about who's REALLY owns the property. What do you guys think?

Okay.... so the HML comes in with 137k, approximately 27% of the value. What happens to the other amount, the 83k (220-137)? Is that the amount that the owner needs to come in with to pay off the original mortgage holder?

Also, if an home owner has that much equity, why not just refi or sell?

I have been to a few Hard Money Lender website and I keep seeing "some foreclosure bailout ok?" What does that mean?

Hi Ben

As someone who is also in the process of letting go an over valued property, I agreed with Mike and Jon. You certainly can just let the property go and save up your cash. My situation is a little different because of hardship issues, but I also let my property go. But I bought 2 property, prior to doing so. Just know that your credit will be hit hard, and dont expect to get any type of loans (credit card, car loans, etc...) for a while.

As Jon said, morally and ethnically, you got yourself into the situation, but you certainly have the right to just walk away. You are not going to find many people who support you in foreclosing your house. You would have at least 6-8 months of living there without any payment so if you decided whats best for your family. Dont worry about morals and ethnics right now.

Originally posted by Michael Jones:

Originally posted by "rehabwealth":

You can try excelmortgagecorp.com but be careful.

They offer a rehab to perm no out of pocket deal.

I can help also so email if interested.

Thanks,
Ryan

Has anyone used this company for rental property loans? If so what do you think?

I know this post is really old but I just found it and this program seems too good to be true. Has anyone tried it?