All Forum Posts by: Sean B.

So what if I were able to do a simultaneous close to a "c" buyer who I would then purchase using the 203k loan...possible?

Hello,
I currently have an accepted contract on a forclosure that needs a little work. In order to do this deal I need to close with a loan that has a construction component to it. The seller will not accept any sort of FHA loan opting only for cash or conventional. I decided to go the conventional route and hooked up a Fannie Mae loan (homestyle renovation loan). The problem with this one is that it is really hard to get! I was wondering about different ways of being able to convert this deal into FHA. Maybe using transactional finding to close the a to b and then use the 203k to close the b to c. I am looking for some sort of creative way to get this deal done. I have great credit (720) and great income that is hard to verify due to the source.

Hello,
Wondering if this would be a legitimate course of action in Illinois. I have a property way underwater, if I were to short sell it to a LLC who offered to sell me ownership of the LLC after closing. Would that structure work?

Thanks John, the prior post was about another property. Looks like short sale will be the only way to make it work.

So at the the height of the boom, I did the unthinkable. I purchased a condo with an ARM and have since needed to modify the loan. It is not a Freddy or Fannie and the modification lowered the payment and interest to a nice 2.75% for 3 years (which I have one left). I have a combined 240K on the prop and other units are going for about $170-180k. I currently have a renter in the unit who is covering the mortgage and has expressed that he would love to buy the place (without me losing my shirt on the deal) in the next 6 months. Is there any creative way of doing this and still getting a small ROI?

Refinanced 2 year ago which would pull me out of HARP.

Trying to find a creative solution for my rental investment. I bought the property at the height of the market to fix& flip and wound up becoming a landlord. The property is now about $120k underwater on a $260k loan, so I am thinking about a short sale. My current long term renters are amazing and have never been late but the $1500 (max for the area)a month I get in rental does not make sense with the $2160 mortgage. Ultimately I would love to be able to sell the home short to an investor and repurchase (if possible) to keep the property or provide the renters with an option...Any suggestions would be greatly appreciated.