Posted by Michael S. (CA) on February 05, 2002 at 15:18:46:
Lisa,
Call some mortgage brokers in your area (referals, phone book) and ask them if they do “No Doc” loans, what rate and the maximum LTV. I am currently in the same boat as you (Recently self-employed) doing “No Doc” loan. I’m finding out mortgage brokers are the people you want to deal with, because they (should be) work with all types of lenders and loans.
Good luck,
Michael S. (CA)
CA tax sale/no doc loans - Posted by Lisa
Posted by Lisa on February 05, 2002 at 02:20:35:
Hi, I’ve never participated in a tax sale, but I’m interested in bidding on a property in San Diego. I have the 10% down, but need a no doc loan as I’ve currently become self-employed. Question–as I am unable to get title insurance for one year on the tax sale, will I be able to find a lender to carry the 90% at a decent rate? Where do I begin to look?
Many thanks, Lisa
Re: CA tax sale/no doc loans - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on February 08, 2002 at 10:08:40:
Lisa------
You mention 10% down and then . . .? The tax collector has the right to do an installment sale with the buyer putting up $5K or 10% down,whichever is greater, and then paying the remainder within whatever time period the tax collector sets, up to 90 days. HOWEVER, very few tax collectors do the installment sale. Have you verified that the tax collector will do this in the county you are planning buy? Call and ask.
Most tax collectors in CA want 100% cash at the sale.
Forget institutional lenders. Try to find a hardmoney lender or a person you know who will trust you to loan you the money that you need. Or, in my opinion, do not bid. You lose your deposit if you can not close the deal. If you don’t have the money lined up early, you will be out of luck.
I once found a lender in the LA area that said he would loan on tax sales properties. I tried calling a few years after that and the company was not in business then. But, this gives me hope that some lender will do it. You might want to call EVERY body that advertises that they do loans in the local and LA phone books yellow pages, plus the newspaper advertisements. Yes, a lot of work to find the potential lenders. But, the potential profit is great.
Good Investing**Ron Starr
Re: CA tax sale/no doc loans - Posted by Rose
Posted by Rose on February 05, 2002 at 23:01:19:
Lisa, I am also studying about Tax-Liens and looking at different states.
I am curious about how you are learning or finding about these Tax liens. Do you have a course you can recommend for me? Sorry, I can’t give you much advise on loans but wish you good luck with your bid.
Rose