Can someone Help please ??? - Posted by Bassman
Posted by Bassman on May 11, 2000 at 11:59:25:
OK, I have a weird situation I guess.
Last year I acquired a property, is 4 acres with a 1995 MH. Land is basically paid for, I took pmts over on the MH , with hopes to sell soon.
I placed a L/O T/B in last August, they wanted to see if they could get financed this Feb.
Apparently we are running into a problem with the Lenders/Investors that their Mortgage Broker is trying to use .
They want a Certificate of Attachment before they will do a package deal.
My understanding is that the State of Texas wont issue a Certificate of Attachment until the 1st lien holder surrenders Title ( 35k) owed. so I cant get a certificate yet. I have been told by numerous Title Companies and others taht the paperwork is sent in at time of closing and that their is no way for the investor/lender to get a certificate before that.
So now, after a month and a half of hoops , they seem to be in a rut about something that cannot be obtained before closing.
I spoke with the Oakwood acceptance corp who has the first lien and they seaid, " this is how its always done, the lender they are using doesnt know what they are doing.
So, that leaves me with 40k in equity on a property that no one wants to lend on .
can someone please direct me to a lender who does loan on this type deal, and who understands about the certificate.I would be elated and overjoyed as we really need this cash soon.
P.S its a 1600 sf double, 4 acres. buyers are approved for a 90k loan, property is appraised at 96k