All Forum Posts by: Belinda Fello

Belinda Fello has started 4 posts and replied 10 times.

Travis,

Thank you for the information! We will reach out to him.

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Hello,

I am planning to remodel a home in Exeter, CA. Can anyone recommend a contractor. Thank you

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Quote from @John Morgan:

@Daniel Suarez

I’d take him. I have a sex offender and he’s been my best tenant. I’ve taken in people with felonies and prison time as well and they’ve been excellent. I don’t rule out anyone. Their job history tells me a lot.

I just unknowingly rented to one. Do you have an HOA. Im wondering if I will get in some sort of trouble. Just wondering. But this also helps me feel better

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I rented my first property! The background check was clean, he had a good score and great income. After I gave him the keys he thanked me for giving him a chance. I was confused and then he disclosed he had to go to court 12 years ago and was found not guilty, however had to register as a sex offender. I was surprised and now im worried about HOA. Will I have any legal issues. This is a learning lesson for me.

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Las Vegas, Nevada

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Las Vegas, Nevada

I’m a newbie too… following …

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Atlanta, Georgia

Quote from @John Slater:

Quote from @Belinda Fello:

Hi guys, I have a complicated situation and hoping I can have some guidance/opinion. I am in the middle of probate for my brothers home. Long story short, I recently discovered my brothers home was in foreclosure and had been told by my family that it was taken by the bank years ago. I am new to real estate and was pretty young when all of this happened. I have two options as the late fees have accrued to 58k, The mortgage itself has 165k left with a 4.75%. The house is a condo in Las Vegas. It is gated and is next to a park, school the police academy, gas station freeway and neighborhood wal-mart. I had talked with a bank and my attorney and discovered there is about 170k in equity and the home is now worth roughly 300k. I am in probate because it is a VA loan and I am not a veteran and he did not leave a trust or will. I am currently in process of applying for mortgage assist so I can bring his mortgage to current, however it will be with new terms and a higher rate. If I go the other route I will have to find ways to find funding to bring up to date. I am not sure which direction to go as I really feel like a short rental may be profitable however assuming the loan may impact me from renting as I was told by a loan officer loan assumptions cannot have renters. Sorry for the long winded unorganized paragraph. I am obviosuly all over the place. Anyway, any opinions or guidance could help Thanks -Belinda

Hi Belinda, assuming it's in foreclosure process and not previously foreclosed on (sent you a DM, I can double check it quick for you), then you're probably looking at having to refi, which in today's world isn't awesome with the rates, however, marry the property, don't marry the mortgage, meaning if you want to keep it as a rental, keep it, and if you get a loan eventually refinance that loan when rates come down. could be a year, 2 years, but either way they will come down at some point.
On the probate side, you need to make sure you are keeping an eye on the foreclosure sale date. The lender doesn't care you are in probate and dont have to postpone a sale date just because its in probate, worst case the attorney can get in front of the judge and ask for a stay on the foreclosure which they bank will then have no choice.
However, I've usually found that if you're in regular communication with the lender, letting them know where you are in the probate process, then they will normally accommodate an extension.

Couple of questions though...
do you know where you are in foreclosure process compared to probate process?
Are you the only living heir?
Do you have ability for a new loan in your name? I doubt VA will allow you to assume.
If you owe say $150, and property worth $300, if payments make sense, I'd look to borrow a little more than $150, say $200k, now I have some money to renovate for a rental, and/or have money to pay the higher mortgage rates for right now.

When I asked last week they just told me "foreclosure" they were not very helpful. I have the letters of administration and working on getting the title. They are giving me the option to apply for a loan assumption with a new rate and terms. If I'm qualified it will include all the late fees and HOA fees.

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Las Vegas, Nevada

Quote from @Randy Rodenhouse:

I am a little confused. You said "I recently discovered my brothers home was in foreclosure and had been told by my family that it was taken by the bank years ago." If that is true the the property is a bank REO (Real Estate Owned). Too late for probate since bank owns the house. Please explain.

Hi,

Yes I was given incorrect information from my family and at the time it was not in foreclosure . But they had told me the house was gone. Not until I recently discovered it wasn’t.

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Las Vegas, Nevada