Updated 6 months ago on . Most recent reply
Need Some Help On A Refinance
Hello,
I know I just recently posted about another topic. But I need help with one of my rentals I have. Here is the situation, let me know what you guys think or if anyone can help me with this.
I bought a house a couple of years ago to flip with hard/private money. I was getting low ball offers when I tried to sell it and it did not appraise at the value I wanted it to. So I decided to rent it out and I was going to brrr it. But I had other business stuff going on. And I had a bunch of money stolen from me through fraud so I ended up being late on some payments. I was unable to refinance this loan because I had about 4 lates on my payoff so nobody could refinance this. I applied to about 10 lenders, and they all backed out the day before closing. Most were at 80% LTV for a cash out refinance. I had to extend the loan multiple times.
And now all of the offers I am getting on the house to sell it are extremely low, like 100k less than it's appraised value. I would prefer to keep the house and refinance it. And just rent it again if possible. I fully rehabbed the house so everything is brand new.
Are there any lenders out there that can help me refinance this, even with the multiple lates on the payoff?
Or is it possible for me to sell the house to myself for example? Something like that?
What would you guys recommend to fix my issue?