All Forum Posts by: Roman M.

I have used Caliber.  It was a much easier process then Wells Fargo. I actually prefer Caliber.

better keep the mortgage and invest the cash into real estate. 

you can probably yield between 7 and 9% out of state. Since your bank is only charging you 3.75 the  you get a nice cash on cash return. Besides it's harder to get a mortgage on investment property and rate is higher. 

are you looking to prosecute yourself?

If your original intent was to use the property as primary residence then why are you so worried about it. Life changes all the time and I am sure you paid your loan origination fees when you got the loan so the original lender made their money already.  if you have to pay off in a few months then the only thing lender can do is provide you with is a payoff letter. they can't charge for anything other then what is in the note.

It's that simple.

Not possible. 100% financing is long gone.

It seems like a sheriff sale where you are actually get title insurance which is great as it is unlike other sheriff sale where buyer has to do their own title work and there is no title insurance.

your deposit should be safe if sheriff can't deliver clean title. 

I will ask for another title co opinion as some title co are not experienced enough in this situation regardless of how many years that been doing this. 

Regardless you should not loose your deposit.

try TD bank

Its 1% if assoc was named and lis pendens was recorded. I had foreclosed one unit that had $17k condo lien and paid 1% ater FC. Assoc did not want to accept but we filed a motion to determine and judge ordered that assoc is owed 1%. Lien was wiped out by an order. 

Isn't your contract contingent on getting a mortgage? If it is and you can't get a loan then you get your money back. Just make sure you did not waive mortgage contingency clause. 

Normally its 30 days for mortgage commitment but if its past that time and you did not waive your contingency right then it should still be on. 

You only loose your deposit 100% if you sign a cancellation and release the deposit to seller but if you truly believe that you did everything you could to comply with mortgage contingency clause and lender did not fund due to their incompetence or because someone in their lending department dropped the ball then it's not your fault. You can fight to get your deposit back and so will have to be the same for seller. 

Seller.will.have to sue for deposit or so will you if there is no mutual agreement on who gets the money. 

it all depends on the rest of the terms of the note. North of 11% discounted IRR is within the norm.

Dodd Frank really screwing this up for situations like this. It seems to be a private loan situation but no one can lend on primary residence (assuming it is) unless it is a licensed lender and for those the loan amount is too small.

I am sure his credit score isn't helping either. 

If anyone of those properties are rented out and the loan is for a business purpose then he might be able to find a hard money lender but the loan amount will need to be higher. Probably refi to include the current mortgage and give additional funds for carry costs until property is sold .