All Forum Posts by: Bill Hamilton

@Travis Sperr can you give more specifics? Purchase price and interest rate, and whatever else might be relevant? I am sure there are still deals out there in the Denver market. It's just nice to see the details.

Disclose to potential buyers. If you are the buyer, contact a good real estate attorney in your area. Things vary so much from one place to another it's hard to say how things will be interpreted.

I won't say it's flawed thinking. Just that it might be narrow. Banks in the US will also accept your income documents. They are simply going to adjust for exchange rates. They will also potentially look at your credit in a very positive light, if you can prove positive credit. I.E. if you can show 24 months of on time payments for a car, a house, utilities etc. We have the ability to use those alternate lines of credit here and those would probably be allowed as a foreign national if everything else fits. Personally I would look for those banks that function in both countries on an ongoing basis. RBC or RBS might be good places to start. Also, I bet there are numerous credit unions that function in the border states/provinces that are willing to lend in both countries. If you are a strong borrower, they might be willing to work with you. I don't know how things are now, but in the past, most stores and banks etc that were right along the border simply accepted both currencies without any problem. I have no doubt that has tightened up but I bet there are many institutions that are willing to still cross that border.

Is there a reason you need it to be a Canadian bank? Lots of US banks will lend to foreign nationals as long as you meet their other criteria. And outside of that there are US based, alt-a lenders that will go up to at least 65% if you have reserves, full doc on income etc, and their rates could be more in the 7% range rather than 12%.

I guess I am confused. What exactly was the collateral against which you loaned money? A mobile home that is on leased/rented land i.e. in a MH park is, in essence, the same as a car loan. If you actually loaned money to someone for a mobile home without requiring them to give you the title to the asset, then you are in a very, very difficult  position. The answers to the questions poised by @Marc Faulkner will be crucial in your next steps. Sadly, it's entirely possible that it will be cheaper to simply walk away and treat this as a learning experience. You have given out a loan on something that you don't appear to have clear title to. If you didn't at least file a chattel lien, or whatever your state equivalent is, then you may not even be able to prove that you have any right to the asset in question.  

Honestly Andrey, you have indicated that the owner/renter occupancy rate was less than 50%. Did he ask you about that in the process and did you give him your opinion? If you told him that and you are correct, then provide him the proof of that. If you can't provide him the proof then you should thank him for finding you an alternative. Yes, he is the professional but until all documents are reviewed, he can only base his opinion on what he has been told or what assumptions he needs to make based on standard market conditions. Quite frankly, even if he did not ask you about the percentage of renters in the development, things like this come up on properties all the time. It's the nature of the beast.

It's hard to give a definitive answer without knowing your entire credit history but overall, it will raise your score quicker to pay off/down in a single payment rather than to spread it out. It's the credit utilization (amount of available credit divided by the amount used) that is important.

I am going to say this depends on where the property is. It looks like you are in Canada so any advice given here needs to keep that in mind. I personally, have no idea if there is a NMLS type board in Canada. Maybe someone else can chime in on that.

I have been out of the credit/loan game for a while so I won't disagree with the authorized user thing, but the last time I paid attention, I heard they had pretty much closed that approach.  But that doesn't mean it's true. It used to be an incredibly effective way of raising your score. I am curious now so I will check into it with the sources I know, when I get a chance.

There is no magic button. But there are strategies. Sadly, I will tell you that paying off collections can often hurt your credit score rather than help. I know it's counterintuitive but it's true. As a general rule of thumb if the collection is more than three years old, it will actually hurt you to pay it. but sometimes it is needed to avoid a judgment (which will really hurt your scores). If you want to PM me, I can chat on the phone with you. Some of these things just get too long to type, and they are all based on your individual credit report. Just for the record, I am not going to try and get you to pay for any advice on these things. I am not licensed to do so and am simply offering my opinion for free, based on experience and anecdotal evidence.