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27 May 2021 | 9 replies
If you have any doubts....here's the exact verbiage from Fannie Mae:B3-4.3-15, Borrowed Funds Secured by an Asset IntroductionThis topic contains information on borrowed funds secured by an asset, including:• Borrowed Funds Secured by an Asset• Secured Loans as Debt• Reducing the Asset by the Amount Borrowed• Documentation RequirementsBorrowed Funds Secured by an AssetBorrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves, since borrowed funds secured by an asset represent a return of equity.Assets that may be used to secure funds include automobiles, artwork, collectibles, real estate, or financial assets, such as savings accounts, certificates of deposit, stocks, bonds, and 401(k) accounts.Secured Loans as DebtWhen qualifying the borrower, the lender must consider monthly payments for secured loans as a debt.If a secured loan does not require monthly payments, the lender must calculate an equivalent amount and consider that amount as a recurring debt.When loans are secured by the borrower’s financial assets, monthly payments for the loan do not have to be considered as long-term debt.Reducing the Asset by the Amount BorrowedIf the borrower uses the same financial asset as part of his or her financial reserves, the lender must reduce the value of the asset by the amount of proceeds and related fees for the secured loan.Documentation RequirementsThe lender must document the following:• the terms of the secured loan,• evidence that the party providing the secured loan is not a party to the sale, and• evidence that the funds have been transferred to the borrower
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24 August 2021 | 8 replies
For whatever reason, your Title charges, transfer taxes, etc., are significant and the lender doesn't have control of those.
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31 May 2021 | 15 replies
When the bushes get big enough, transfer to the ground.
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29 May 2021 | 6 replies
I would serve the seller (and send notice to the would-be buyer and title company handling the transfer, if known) a copy of what you're intending to file in accordance with the Notices section of your contract.
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30 July 2022 | 9 replies
LLCs can be pierced and if there is transfer of money between the LLC and the individual that may further weaken the LLC protection.
16 June 2021 | 1 reply
In my case they duplicated two units in the transfer from Cozy and the result is I can't publish a vacancy due to repeated "error" notices which can't be rectified.
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29 May 2021 | 5 replies
I've purchased my property in my personal name, then transferred them to an LLC.An LLC provides you anonymity (if done right) and it separates your investment from your personal assets so you reduce risk of losing personal assets in a lawsuit.
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19 June 2021 | 8 replies
The HOA documents (bylaws and declarations) spell out what the HOA and what the unit owners are responsible for (from an maintenance, Insurance, and ownership perspective).
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1 June 2021 | 25 replies
The court pays the landlord and transfers the debt to the US Government to be garnished from wages.
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30 May 2021 | 4 replies
Where I live it’s either curbside pickup that’s paid for in your taxes or by tenant or you buy the bags and take them to the transfer station.