All Forum Posts by: Vanessa Pruett-Urie

@Wayne Brooks of course they can.  But that isn't an issue for the seller, since she bought another house and has moved out.  And there is no effect on the sellers credit since it's not on her credit because of the mortgage not being reaffirmed after the bankruptcy.   So now there is zero leverage for the bank to make the current owner to pay the note!  (as noted earlier there is also no equity) I think I got my answer from the first person though.  Thanks.

Russell Brazil, everyone was told what was happening.  I mean the mortgage was paid monthly for the entire time the owner lived there, without fail.  The new lender pulled credit and had bank statements proving payment.  The bankruptcy was discharged and the mortgage was never reaffirmed.  The bank could have kicked them out since they didn't reaffirm.  But they did not.  So as far as everyone is concerned the bank has no leverage, and has not used the little bit of leverage they had while the owner was living in the property.  The bankruptcy filing was 10 years ago.

She handled the lending stuff on her own.  She talked to the lender on the original property and they are the ones that told her that she could walk away..LOL  I mean the alternative is to let it go and the bank has to deal with it.  I mean I'm trying to do the bank a favor :)

Good Morning all!   I have a property on my radar that will soon be vacant.  The owner is going to just walk away from it because the mortgage doesn't show on her credit and she has purchased another home.  She doesn't have enough equity in "as is" condition to sell it outright and cover closing costs and commissions.

Is there any non-traditional ways to go in and get the property for my rental portfolio other than just bringing in a traditional lender and putting $$ on the table.  Thinking owner financing, since she doesn't care one way or another, since it's not on her credit.. We could just keep the loan, maybe?

Has anyone ever dealt with this situation before? I'm an agent also, but she has expressed that selling it traditionally isn't something she wants to do. And selling it as-is wouldn't net enough to pay of the loan and closing costs. If brought up to regular neighborhood standards the ARV would be about $50k more than it is in current condition. And it could be cash flowing around $400 a month vs the current mortgage.

And it could also be something that we could profit from a bit.  It will take a small portion of our dormant land and make it have some value.  If we get an 80% mortgage on it and pay off construction costs it could be a net profit of $25kish(seed money for more investment property).  It would be a win/win and my MIL will be paying the mortgage at the rate she currently is at her current house with many more perks!  The profit isn't much as far as cash but this project would help our family's net worth considerably and my MIL's standard of living. This is how I look at it.

We need her closer for several reasons.  Her neighborhood is in a pretty major decline. She also cares for a young child that is my nieces child.  We help her significantly take care of this child, and will be taking over her care in the case something happens to my MIL's health.  My mother in law is in her 70's.  We want to be as close as we can for everyone involved.  Not to mention the added work on our part.  We take care of any issues that arise at her house, her lawn and anything else that she can't handle.  It would be the best case to not have that added load.

We plan to keep all of the ownership in our name for estate reasons.  My husband has siblings and we want to try to keep it very clean cut.  If it is financed and owned by us (since it is our land) there would be no outside claims to it.  I hope that makes sense.

I'm mainly worried that our credit may be an issue.  Although we have good jobs our credit isn't wonderful and we both have a house mortgage on our credit.  I'm going to check with our bank and see what may be possible there.

No I haven't.  I've always thought (I may be wrong) that they were difficult to get and to maintain the requirements.  I have done several mortgages in my life and that is just one that I've never done.  I will make some calls and see if I can find out more info on them.

I'm going to try to be as brief as possible while explaining everything. My husband and I own our home in Baltimore County, MD it is a large rancher on over 3.5 acres. We have about $180k in equity but have a great loan and don't want to refi it if at all possible. We looked into a HELOC in the past but because of our land they didn't find comps to justify the true value of the house including the land so we didn't pursue it. We also own a rental townhouse (with positive cash flow, but no substantial equity) it was my pre-marriage home. My mother in law owns a house with no equity in another area not far from us.

Here is my current situation.  We want to move my mother in law into a house (a new pre-fabricated house on a permanent foundation) on about 3/4 of an acre of our land.  We are aware of the permits, utilities, and drawings and such that needs to be done to make this happen and the approximate cost to make these improvements.  The land has had proposed lots approved by the county before(prior owner).

We had twins a few years ago and our living expenses skyrocketed an put us in a less than wonderful financial situation.  Credit scores in low 600's now but on their way back up after regrouping.

We just don't have the savings/capital to make all of this to happen, personally. I work for a hard money lender, that may be open to some kind of arrangement if I can propose it correctly. The cost will be around $150k-$170k and the end value for the new house should be around $220k-$230k. If we mortgage (no more than 80%) this house it will have a PITI payment of less than what she pays on her current home, that we will be selling.

Is there any option that I haven't considered that anyone can think of that may work to make this happen.  I am leery about using my boss as a lender just in case there is any refi issues and we can't get him paid off.. That would be a nightmare for my good paying day job possibly!  

Any input would be greatly appreciated!   

I am doing a trial of evoice now.  So far so good.  I got a phone number from evoice and forward my office phone to it.  When it comes through it tells me that the call is coming through on my office line and to press 1 to accept or send it to voicemail.  This helps me know how to answer the call..  So far so good.  There is a monthly fee if I decide to keep it. But if it can handle all my phone lines, it should be worth it.