I need help again. I am looking for a lender w/a sense of humor. Primary borrower has 560 middle score, 0 x 30 on both mortgages, good credit otherwise. Probably grade as A-, nonconforming. Looking for 85% LTV R&T. The catch is, both incomes needed to D/R and husband’s Pension is unverifiable. LTV Steel has filed BK and will not issue an Award Letter. Customer has only received 2 Pension checks. Recently forced to retire due to L.T.V. Steel’s recent Chapter 11. The second Mortgage is with a Collection Co. that bought the Note at pennies on the dollar when the original Lender went belly up several yrs ago. They are willing to take 30% of the Principle Balance as Settlement in Full. Most Lenders are turning it down due to the payoff short, stating that no Lender would take a short if there wasn’t a problem with the pay history. VOM shows perfect pay history. Anyone out there willing to give it a shot?
When looking through home loans mortgage rates, you can notice that they can change too often. So the right choice when getting a loan is to choose the one with unchangeable interest rates. The interest rate is one of the most important things that borrower should pay attention to because it will set up the amount of the monthly payments. Of even greater importance is the fact that it determines how much is spent for the entire duration of the mortgage.
If you are going to research and determine what kind of interest rates exist at this moment, itтАЩ s better to use Internet. That will help you to understand if it is beneficial for you to refine your loan or even to trade up by selling your home and purchasing a new one. There are some things that you should pay attention to while researching online. Certainly, one of the most important things that you need to check is information about the position of interest index. A number of financial experts can provide you the information on what to expect regarding mortgage rates.
After making an idea what interest rate you will be able to obtain, you need to calculate what amount you will pay off per month. Remember that the mortgage calculators that are available online will show payments per month that contain interest and principal only. You need to estimate the amount of taxes that you will pay per month as well as homeowners insurance to get a realistic picture of the situation. All about quick cash in Texas you can find on payday loans no faxing site.
I have several investors who have or will be converting their multi-unit properties into condos. I need financing for the purchasers. Most of the buildings are 6-12 units, however, there is a 27 unit and 40 unit complex being rehabbed and converted. Majority of properties are 3-4 stories.
6 unit property that may be issue: low rise building (3 stories); each unit is <850 sq. feet; all are 2 bedroom; 1 bath. Complete rehab of interior and exterior, however. Looking at current and former tenants as prospective buyers.
Any and all contacts; numbers and suggestions welcome. Sellers willing to assist with closing costs. Properties located in the western suburbs of Chicago and near Southside of Chicago. Need fast turnaround. Each buyer will be prequalified prior to submission (in- file trimerge; proof of income and downpayment, therefore, prospective loan parameters are needed.
This is a tricky one — but here are the facts. The property is being purchased via articles of agreement. Seller defaulted with mortgage co. (Wells Fargo) and foreclosure occurred. Buyer has right of redemption until 4/5/02. My client has a partnership agreement with the buyer. Strengths of borrower (my client): $150,000 liquid assets; excellent credit history – middle score is 700+; owns several investment properties with approx. $400M of available equity.
Financing need: $500M to redeem property; $300M for rehab.
Property is single family mansion in Chicago IL with as-is value of $700M (two current appraisals available to support value). Property has housing court violations, however, city of Chicago will subordinate as all will be cleared via planned rehab. My client wants to convert property to 4 condos; has 2 prospective buyers currently. Area where property located is prime area near Lake Michigan (Hyde Park for those who know Chicago — near University of Chicago campus). After rehab/conversion value = $1.5M