Can't Refiance Help - Posted by Earl

Posted by gina boggs on October 22, 2003 at 13:33:07:

my home is being forclosed on can you help me???

Can’t Refiance Help - Posted by Earl

Posted by Earl on August 15, 2003 at 17:18:05:

I got a hard money loan on a house in June and my company went out of business 2 weeks later. My hard money loan is for 98k and the house appraises for 145 and is rented out for $1100 per month.

Because my middle score is a 632 and I switched job industries, lenders are telling me I can’t get a loan b/c I haven’t been in that field for 2 yrs. (realestate commission sales)

Can I sell this house to my dad for 103k? He has an 800 score. Please send me an email if you can help.

Re: Can’t Refiance Help - Posted by James (fl)

Posted by James (fl) on August 16, 2003 at 14:46:15:


What state are you in? I can probably help. Email me directly and I will help you find a lender. Chances are you will have to sell it to your father though sincec you are in a new commissioned only field. I went through the same thing when I first got into mortgages… fortuantely, we can always find ways around it.

James Prince

Re: Can’t Refiance Help - Posted by Ramon

Posted by Ramon on August 15, 2003 at 17:24:36:

I don’t think you can sell the house to your dad because it’s not considered an arms length transaction. Has anyone had any luck doing this with only 3 months seasoning?