Refinancing loan deeded over? - Posted by Aaron

Posted by JohnBoy on April 19, 2000 at 24:29:56:

First of all, there is a difference between a property deeded over to you Vs. a Land Contract. On a Land Contract you do not have the deed until the contract is paid off. When a property is deeded to you, you have title to the property.

To answer the question on refinancing on a property that is non-seasoned and non-owner occupied, the answer is yes! This does in fact exist.

Not only can you refinance with no seasoning and being non-owner occupied, but you can also get cash out at closing also!

Here’s an example:

We took title to a property that was in foreclosure. Before recording the deed we got preapproved to refinance and pay off the underlying loan that was in foreclosure. The pay off was about $65k. We refinanced at 80% LTV which was $80k. We got a check for almost $15k at closing from our lender that wrote the loan.

If you can show the property will cash flow and have good credit you can get this done. We used a B, C, Lender that holds most of their own loans. The rates are higher even with good credit, but if the deal makes sense, who cares?

I’ll take $15k cash up front with a positive cash flow and $20k in equity all day long on deals like that!

Refinancing loan deeded over? - Posted by Aaron

Posted by Aaron on April 18, 2000 at 22:54:34:

I was wandering if anyone out their has heard of a non-seasoning refinance on a property that was deeded over on a non-owner occupied property? It would most likely be considered a non-seasoning, non-owner occupied land contract which to my knowledge does not exist. But because it does not exist to my present knowledge does not mean that it does not exist.