I offer a wide range of services to individuals withing U.S. If you are in need of a quick loan, we’re here to help. Whether you need to refinance your existing mortgage loan,Small business loan, cash out some of your equity, in need of a construction loan, or purchase a new home, we have the best mortgage products around and a team that is dedicated to helping you every step of the way. Low credit is not a problem. Our goal is to make the loan process as simple and worry-free as possible with the least down payment ever imagined. We pride ourselves in offering the highest level of customer service and appreciate the opportunity to earn your business.Get back to me today at phillfokings@gmail.com and we will find the best loan option for your needs.
Thanks.
Ok, I’ve mentioned this sub2 deal on here previously, but I need some help/advice. I’m trying to cash out the owners and pull out some equity (owe owners/lender $70k or less and I want to finance $87k total) with the lowest possible closing costs. This is the deal where the deed wasn’t recorded as it should’ve been and I didn’t find out until last month when the T/B was trying to get their loan…which fell through. Fast forward to now…I have been trying to figure out a way to access this equity because I have a personal situation that requires a cash infusion. The problem is that I have recently had some identity theft/fraudulent credit issues that basically hammered my FICO (found out about that last month, too). I have a willing credit partner, but with the sub-prime fiasco I’m sure the seasoning will be an issue. We have thought about going back to the original seller to sign a new purchase agreement, then having my partner buy it from them at our price (her FICO is good…700-ish, but her income is weak), but then we’re not sure how to pull out the equity. We have a lender who can close in 7 days, which is good, but if we do a 1st and then immediate 2nd wouldn’t there be seasoning issues still and also wouldn’t we get ‘double-dipped’ on closing costs? Since it’s not a lot of equity to begin with we don’t want 1/3 of it to get eaten up in the process. We also thought about doing the new PA, but then me assigning it to her and doing a simultaneous close (which I’ve never done), but the lender seems confused when we talk about it because I’m not on title and he doesn’t understand what’s going on exactly. I would just do HM, or private lender, but the HM fees would kill the equity and unfortunately I haven’t developed any private lender relationships. The T/B will probably get their financing within 90-120 days, so it’s also important not to have a prepayment penalty.
Does anyone have any suggestions? I would appreciate any help in this situation. Do you think the sim. close is the best idea? If so, how do I go about setting it up and what title company should I use? Feel free to ask any questions and thanks in advance for all of your help!
JR,
This is a challenging scenario and i may have a viable solution for you.
If you use a land trust your buyer whom you make a beneficiary usually can come in to refi the property instead of it being a purchase just get a lender whom understand land trusts.
It is too much to explain here but these deals are done almost regularly using the trusts.
You asset protect the property while you are setting up your financing.
Your buyer still needs though to qualify for the refi or purchase so by using the trust and being a beneficiary you can avoid the normal seasoning requirements and the trustee takes care of the closing for you since he owns the property.
Let me know if I can help my cell is 702-400-7632