All Forum Posts by: Mark Bills

Hi all,

I am currently in negotiations to purchase a duplex from a home owner in St Paul Minnesota. The seller is open to a wrap around mortgage and other creative means of financing without dealing with a conventional bank.

I am in need of a real estate attorney who has experience with creative financing options. Someone who is able to draw up paperwork, provide guidance, keep us on track to get the deal done and making sure both parties close on this deal fairly.

Please reach out if you have the aforementioned qualifications I would like to connect with an attorney / law office etc. That has this experience.

Thank you

Hi @Scott K.

Out of curiosity what about the Poconos market makes it tough? 

Hi @Chris Mason,

Thank you for the explanation, a lot of this actually goes over my head but I can extrapolate some of what you said. Please see the attached break down that was sent to me from the Bank lender.

I just heard back from the bank and her response to my inquiry 

I emailed and said

"I'm not finding any information that the adverse market refinance fee is still active, I've only found information to the contrary.

Linked article from The Federal Housing Finance Agency mentioning the fee has been done away with as of August 1, 2021"

Her response

"You are correct, no hit for Cash out on primary residence, that has gone away but we do have adjusters for Loan to value and cash out loan to value along with credit score and 2-4 unit"

This is problematic to me on so many levels, why was she willing to increase my interest rate based on her ignorance, who is watching and making sure these lenders are doing the right thing? If I didn't push back and did my own research I would of been stuck with a %4.1 interest rate paying extra on my mortgage because of someones malfeasance, this is a big deal. 

Anyway, lesson learned and I'll be keeping an eye on these  type of transactions ever more carefully as I continue to mature in my real estate investing trajectory.

@Grant Schroeder I was quoted a 75% LTV because the refinance is on a duplex.

It was really odd, I did not feel comfortable with that %4.1 rate and I immediately got into research mode because I know I saw an article about this fee being cancelled on August 1 2021.

Since I've posted I've emailed the lender and I am now awaiting her response. I'll be sure to update this post afterwards. As it stands now I feel more comfortable with the second lender and I'll be moving forward with them instead of the first option local bank.

I was just told by my lender from a local bank here in Vancouver Washington that the Adverse Market Refinance Fe

Is still active. I was super skeptical of this becase I read an article to the contrary a few weeks earlier and when I mentioned to her that I think it's been done away with she said not for multi family properties (I have a duplex) and because I was doing a cash out refinance. Im literally in the final stages of closing on the loan and my rate would jump from %3.75 to %4.12.

None of what she mentioned made much sense and later on in the day I reached out to another lender who said he's never heard of this fee in the first place Which I also found odd.

I've opted to go with the second lender as he has assured me my rate will be %3.75 at closing also with a cash out option.

Anyone else experience mixed messaging as it relates to this fee?

Linked article mentioning the fee has been done away with

https://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=FHFA-Eliminates-Adverse-Market-Refinance-Fee.aspx

Hey @Todd Ashley,

I have an FHA loan and I also received a refinance option in the mail from homebridge. I was also told to skip my mortgage payment for the month of January. I had my lender look at it and I was advised not to do it because I was close to 80% LTV to which I can refinance out to a conventional loan. Getting a second or even third eye on your offer is never a bad idea.

I also received a letter and  I just  spoke to a rep, but before I agree to the program I want to do my due diligence.

@Andrew Hagmann I was told by the rep. that this can only be done on a owner occupied property, I have a duplex so I qualify as I technically still live in one of the units.

I'm also curious to know, I just received a letter in the mail and spoke to a rep. but before I agree to the program I want to do my due diligence. 

@Allison Flores

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