All Forum Posts by: Roy Gutierrez

Has anyone gotten a response from a reconsideration to Increase letter? It's been a bit more than a month and nothing. I've asked them what about if I fill out another application and they always says don't do, it won't work but since there's no response I'm going to call bluff and just apply again, nothing to lose.

You're supposed to send an email to them (dcs) and they will send you an email back with 2 forms to fill out and email to "pdc.reconsideration", I did this and it's been a month and crickets. 

Andrea, you can PM me.

@@Pedro D., there's a guy from Uruguay doing a lot of business in Detroit, I forgot his name and have I have a friend working with investors from Argentina. How is it going so far? I have 3 in Detroit (the rest in the suburbs), Detroit is challenging as it is if you're local, imagine out of state, so great that you're boots on the ground; tougher to find good deals nowadays and it's a challenge to deal with Detroit!

Hi Robert,

Did you talk to a Tier 2 rep? I thought they had no power to do to anything but give information, the loan officer makes things happen. I think it took about a week for me to get the money after signing docs.
 

Seems the sba email is working again so anyone asking to increase your current loan should be able to send an email

Mine is under my personal name, I doubt that you can change it but call the SBA and ask for tier 2 help

Very bad sign, I resent my application and got, seems they're overloaded with applications, seems it's not looking good for us.

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Thank you for the response Caroline, yes, the HELOC has draws this year, fico just about 740, single family, my problem is my DTI is high, so we will see if they even qualify me. What bank is offering 3%? I'm in Michigan; interesting you mention October, do you think pre-election they will push the rates lower?

At the same time I'm trying to put a mortgage on my newly rehabbed investment property (this is the reason my DTI is high, used my money, CCs, HELOC to rehab the place, this property is clear of debt), of course this is #1 priority since this will get rid of all the bad debt, same issue DTI but supposedly a big chunk of the new loan will be used to pay off the debts right off the bat and will not count against my DTI, lets see if it goes thru, everything is a mess nowadays and takes SO long.

Hi guys,

I have my primary with a mortgage that I owe $113K at 3.75% but it's an FHA loan and paying about $77 month on the FHA insurance that is for life. I also have a HELOC tied to this house, I owe 48K at 4.04%, so the low rates right now are keeping the HELOC payments decent. My estimation is that the house is worth about $260K, I got quoted from a couple of places to refinance and pay off the HELOC into a new mortgage at 3.75% (about $2,200 in closing costs), so basically I would have the same rate, have closing costs BUT I would get rid of the PMI (if the house appraises to the amount I think) and if the rates go up I won't have to worry about the HELOC going up as well.

Any advice if there are other options? 

Thank you in advance!