All Forum Posts by: Wendy S.

Hello, BPers, I'm looking at buying a property using its own rental income to qualify as my personal DTI is already maxed. I do have excellent credit with lowest number being 773.

Property listed for $100,000 and current rent is $1,050. My broker says he can get me a 30 year loan with 25% down, at 5.25 interest with a PITI of abt $550.

He says they would use $787.50 ($1,050 X 75%), but then the income would need to cover at least 50% of the PITI. So to be on the safe side the allowable income would need a 45% debt ratio.

I'm thinking 25% down is too much for the required property and the rate isn't great. Not do I fully understand the debt service requirements. Am I wrong, is he right or do I need to find another lender?

Confused??

@Lydia S. Thanks for that my error. Yes, I meant which attorney to close with. 

@Raymond J. Rodrigues. Yes, we were wondering why they have removed sheetrock etc. So haven't asked to look inside as I was quite concerned with the attorney issue. 

@Chris Mason

"Sold as-is. No seller disclosures. No sign in yard. Must close with X. X. Please do your due diligence before submitting an offer. Seller will not accept blind offers."

I've removed the name of attorney, that's what it said.

Why do some listings say "Must close with Lender X."

Is this a red flag?

What are the pros and cons of this?

I'm looking at a possible house purchase but it states that closing must be done with a particular attorney.

@Chris Mason

Thanks Chris but it's not a matter of a refund check. I've since gotten my escrow which I was already aware of.

The matter is on Sept 25th prior to signing the CD I realized the amount due to me was lower than I had originally signed to. This was cleared up immediately with a msg to the lender, who sent an email and requested if I could print, sign and give the attorney along with other closing documents to return to the settlement office.

The settlement office somehow managed to disburse the erroneous amount, which they are saying is what they received to disburse. Why the lender has taken 1 month to fix the situation, I find disconcerting.

I get home this evening and receive a letter from the lender that they have sold the loan and advised me to forward December's payment to new servicer.

So they have not fixed my issue but is continuing with business as usual.

@Stephanie Irto @Chris Mason.

Ok. Thanks for your reposnse. Have been in dialouge with settlement agent and broker but nothing yet..

Chris, they had double charged for insurance escrow, this was sorted out, then there was a lenders credit because the fees allowed were over what I was charged.

I just find it frustrating texting and calling.

Yes the settlement agent is trying to get the lenders to remit them the funds so they can disburse. The lender says they are working on it from 1st week of October.

Good day BP Nation.

So some of you might remember a whole back I asked for your help to chose between a HELOC and Refi. Based on my time line to sell the property @Chris Mason suggested a HELOC. Unfortunately my lender advised that with my income I would not qualify so we did the Refi cash out instead.

Closing took place on Sept 25th. At the closing I noticed the payout was different from my CD so I reached out to the lender and they emailed the corrected one which I had previously gotten. So I signed and returned with the closing attorney. On the Sept 27th, I got a call from the settlement agency office that I needed to sign a new CD as the one that was sent out was wrong and I should get a little more funds. I asked the rep to tell me the amt due, after which I pointed out that this was already corrected at closing. She said ok. She wasn't aware and was happy it was already signed.

A week later I got the check in the mail and it was wrong. The amount was for the amt I got at closing which I did not sign. I've been calling the lender and settlement agents since then but it has not been resolved. They have advised where the error lie and are trying to get the funds disbursed to me.

What's my recourse, and also should I incur interest on this amount that I have not received? My monthly payment starts Nov 1.

@Alina Trigub

Thanks Alina for the link to these simplified and easy to follow terms and calculations.

@Barbara S.

I've read your post and responses and emphasize with you. While you are clearly frustrated and understandably so, your situation is not as cut and dry of that of an ordinary landlord.

This is where you need to first be a caregiver, then landlord. Rather than focus on getting a lawyer, try finding some compassionate person, maybe from a nearby senior center or such and ask them to help you sit and talk with your tenant. Or see if you can find someone in his circle that he values and respect to serve the same role.

As someone in the senior homecare industry I can't tell you how often I've witnessed the effects of aging, the lack of control over one's inability to function independently, the fears whether realized or not that this population live with. Getting old is not for the faint of heart, even harder for those of us who have to interact with them.

During your mediation, find out if there is a work around to the keys, such as perhaps a coded door if this would work better for him. Or make him a gift of a key ring that would hold some sentimental value to him and then color code each of the 3 keys he needs for entry to the apartment and place on said keyring.

No amount of stronghold enforcement will work with him. You will have to go above and beyond to get through to him, by dialogue, compassion and understanding. You already know he fears being locked in or out, hence he leaves the door open.

As for the other issues, look at how you can rectify these as well. You mentioned his bathroom hasn't been cleaned in ages. What can you do to address this? He said the repair bill is too high, so he is at least aware that he should be responsible, this is a start.

While you do the above, see how best you can get a caseworker assigned to him, citing fear for his wellbeing, endangerment and safety of others, and see if you can help him to transition hopefully to his next place of abode.

It's not easy I know, I'm preaching to the choir.