All Forum Posts by: Melissa Leak

I'd like to be the help to get your deal funded! Here is my email: [email protected] You can reach me at 862-328-0650 I'll need the coordinates, address, and a few more details like your exit strategy, the name of all borrowers going on the loan, your involvement in the deal.

0 Votes

Denver, Colorado

Quote from @Trent Zimmer:

Quote from @Caroline Gerardo:

If you transfer the deed to LLC and the servicer or lender calls the loan due in full, the friend's credit is damaged by foreclosure for four years.

Also the hazard insurance must remain in his name as owner occupant. When the LLC takes title you both might not have coverage. Changing the insurance to LLC alerts lender/servicer. LLC can't get owner policy.

The 5.5 rate is desirable to an owner occupant IF is assumable. Find the owner buyer for friend without changing the deed to LLC. If you can quickly find buyer to legally assume it frees him up.

The balloon puts stress on friend. Balloons are generally not allowed for owner occupied which is covered under Dodd Frank. You act a lender in your description. Run this by your broker. Not much juice in this orange to be worth the risk.

Amazing! Thank you for these perspectives.

Wow! I learned so much in this discussion! You both know your stuff. I'll be tuned in and hope to bring this much value as I learn the lingo in Real Estate.

0 Votes

Saint Paul, Minnesota

All Forum Posts by: Melissa Leak

Melissa Leak has started 0 posts and replied 2 times.

Post: Need Capital for a Land Purchase

Post: Sub To or Wrap Opportunity w/ an existing FHA mortgage?