Please help. Ohio and PA homes-need hard $ - Posted by chris

Posted by Michael Morrongiello on May 04, 2007 at 24:00:52:

Not sure who told you that you cannot sell an existing note where there has been less than 12 months of payment history… we buy them all the time.

Subject to getting more details surrounding the property, the paperwork, credit and credit scores, involved your 1st lien Mortgage Note should have some liquidty value. Now granted this is for SELLING the Note not refinancing it…

Michael Morrongiello

Please help. Ohio and PA homes-need hard $ - Posted by chris

Posted by chris on May 02, 2007 at 19:05:28:

2 houses completely rehabbed…need hard $ loans against them now. Both rehabs are finished and now hard $ doesn’t want to touch it. One is in Ohio has a mtg on it for 30k with a value of 63k. The other is in PA has a mortgage of 29k and a value of 63k. Both were purchased less than 1 year ago which is why refinancing isn’t working out. My partner has the one house and I the 2nd. Both were bought distressed and have the rehab finished. But with the low loan amounts, hard money lenders are shying away. One is in Northeastern Ohio and the other in Northwestern Pennsylvania

One solution… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on May 02, 2007 at 19:34:50:

This is a Cash flow forum… however one solution you might consider is to SELL your home to your investor partner and also FINANCE it-then you BUY your investors home and he / she will FINANCE you…

Each of you would take back “paper” on each others house…the resulting seller financed “paper” could then be converted into a cash lump sum.

The financing can be long term, with fixed interest rates, and also no “junk fees” that a hard money lender or othe typical mortgage lender might charge you.

Just a thought…

Michael Morrongiello

Re: One solution… - Posted by chris

Posted by chris on May 02, 2007 at 20:16:43:

the mortgage on my partners home is my money. So we have already done that, but the seasoning is the issue now on selling the note. With less than 12 months seasoning we are having difficulties refinancing through conventional lenders as well as sell the note I hold against my partners property. My partners house has just now 6 months seasoning. My house is just under 1 month.