I did talk with the LO today.

If I am responsible, I am just going to replace it with a standard lo-flo head with no extension.Or should I replace it with a similar model?

Lo and behold, we are now at pricing not seen in over two years.

I'd be interested in crunching the numbers to see the benefits of keeping it as a long term rental vs LO in a few years when prices are higher.

The tenant's wife was living at the house under a L/O contract, which expired 8 months ago.

Yes, you have a problem as she will not be able to refinance a seller financed note/wrap/CFD/LO untill she paysoff the lien.You house is also a non-owner occupied deal which kicks in the Safe Act issues and any purchase transaction needs to be originated by a MO and no one who values their license would squeeze off in underwritting that deal unless it was fully amortized.The lien can also be attached to her property if you do a note and DOT, it's not so much a credit issue as a possible collateral encumbrance for any lender.

On further reading it looks like that law might have been written to protect homeowners from investor buyers taking the property subject-2, collecting rents from tenants or l/o buyers and then not paying the owner's loan.Does FL have no other law that addresses rent skimming, one that protects lenders?

Originally posted by Mary Hoyt:lender has said "yes" - not underwriting yet, of course - but my Wells Fargo guy says "yes" - he's the one who called me today to propose it after the appraisal came in so low.I would be VERY skeptical...Not saying your WF LO is wrong, but I'm guessing he's wrong

Do not take the loan officer's word for it.Since you're in the Atlanta area, I'll send you the name of a Wells Fargo LO that can get this done; I'll also send you the name of a local broker that can get it done as well.

Best thing to do is to shop each with same loan amount and terms and compare GFE's, by talking to several LO's you will also get an idea of the level of service they can provide.