Posted by PBoone on May 16, 1999 at 01:45:16:
That was obvious in your first post. I am wandering what is your reasoning?
Pat
Need help over one tiny hurdle - Posted by Susan N.CA
Posted by Susan N.CA on May 15, 1999 at 24:09:45:
O.K. guys. I’m going to ask one more time. I need HELP!
I love real estate. I own two houses because I couldn’t part with my first once I found my second. I have pristine credit. (My mortgage broker told me it was the best score he’s ever seen.) I have no verifiable income any longer. (Quit my job to raise two boys and my husband’s been self employed for too short a time.) The newspaper reported today that the median price of a home in Santa Clara Co. is now $410k. After doing MUCH research, I have decided that forclosures are the best option right now.
Yes, I am aware of the risks with foreclosures, but I am experienced at buying fixers and am becoming very cozy in the county recorder’s office.
I chose foreclosures because of my problem qualifying for any sort of loan. It’s the old you have to make money to borrow money syndrome.
WHAT I NEED TO FIND OUT:
Where can I go, who can I call, or how can I tap the accumulated equity I have amassed in my two properties? In order to be competitive in the foreclosure market I need to have quick access to funds. I would like to find a bank that offers an equity line of credit that does not have rigid qualifying standards. (I currently bank with a conservative credit union.) This way I could remove the funds to attend an auction and if nothing is purchased replace them and only owe a day’s interest.
I know this is a CRE forum, but some of you must be in a similar situation. I hear stories of people who quit their jobs and survive on their investments. Did I just quit too early? I’ve seen some beautiful deals in the past few weeks and am just itching to buy another piece of property.
Any help will be greatly appreciated!
Susan
Re: Need help over one tiny hurdle - Posted by PBoone
Posted by PBoone on May 15, 1999 at 11:23:21:
Susan,
Find a Beneficial Finance or Household Finance they are offering 90% Equity lines @ 14%I/O. Max Equity line is 150K
Pat
Re: Need help over one tiny hurdle - Posted by CK
Posted by CK on May 15, 1999 at 24:43:03:
Susan, have you tried to post this question in the newsgroup1? A lot of more experienced people would be reading it.
ck
Re: Need help over one tiny hurdle - Posted by Peter Wells
Posted by Peter Wells on May 19, 1999 at 20:52:19:
Look around…do some shopping…There are some crdit unions with 6.75% home ELOC loans for 60 months.
Re: Need help over one tiny hurdle - Posted by Ralph C. in VA
Posted by Ralph C. in VA on May 15, 1999 at 14:42:06:
Susan, do not go to Beneficial or Household unless its a last resort.
Go to your yellow pages, look up mortgage brokers, and start calling.
Your excellent credit should enable you to cash out your equity at a decent rate.
Keep your cash out in an interest bearing account.
Good Strategy - Posted by Susan N.CA
Posted by Susan N.CA on May 15, 1999 at 18:43:37:
Sounds like a good idea. My savings pays 5.25% and the last second I took out was locked at 9.125. The difference of 3.875 in minimal. The only problem is that I haven’t heard of anyone offering a second without income verification. I will ask my mortgage broker though.
THANKS!
Susan
Re: Need help over one tiny hurdle - Posted by PBoone
Posted by PBoone on May 15, 1999 at 16:51:07:
Ralph,
I would like to hear what your reasoning is to using Bene or HFC?
Pat
Re: Need help over one tiny hurdle - Posted by Ralph C in VA
Posted by Ralph C in VA on May 15, 1999 at 23:41:33:
I would only use them as a last resort, and only after exhausting ALL other lending sources.
R