All Forum Posts by: Caroline Gerardo

Simplification:

Construction to Permanent loan is a one and done deal. You need a licensed contractor and generally for owner occupied. Rolls into a long term 30 year mortgage when the job card is signed off (done).

or

Stand alone construction loan without any exit. Your plan is to sell at completion.

Both are available but not from everyone. Big variety of ins and outs/rules. 

So this is  your owner occupied house? You have the cash to payoff the construction loan at completion? Location? Cost seems pretty low to actually stick build anything??? If you only have $140000 and the cost is $200000 are you selling current primary and living in a trailer or rental ? You own the land already? Cost of land, permits, plans, specs, utilities are in that $200000? If not I GUESS this leaves about $100000 to actually build the house that is a 580 square foot house in most markets and very simple

Shared appreciation loans do not give more than 70% loan to value, depending on location less.

You cannot refinance conventional AFTER you record a shared appreciation agreement, it has to be paid in full/closed, you may have penalties.

You added reverse in the heading. That does not work with shared appreciation. Several types of reverse- HECMs you have to be 62 years old and your age is part of the factor of the LTV- generally 50-65% ltv depending on your age. You can refinance conventional and payoff a reverse- IF you have equity and can qualify. People do a reverse because their income is not enough to do a conventional loan.

I'm in OC. Let's chat about what is your net income? Single story with adjacent parking looks well maintained. I can send you to someone who does SBA direct ( was in Ziggerat building but they moved office to Long Beach) but it will take 60 -80 days for them to get it completed. Best plan is to offer the existing seller/lender 7% rate for one year to give you the wiggle room time needed to get this done. I can give you several hard money names but the cost is going to be painful. 

@Elizabeth Rose 99% of lenders use a US mobile notary. The notary has to be approved by title company and the lender. There is no one notary who fits all lenders. To sign overseas MOST lenders require you go to the embassy and use a notary in the embassy, pre-approved by lender and title officer. You need current ID and are fingerprinted. Embassy notaries work on advance appointment only. 

@Peter Walther read what he said. Clifford has zero ownership, he's thinking about making a deal. Clifford has no rights to information from the servicer/ note trustee/ or lender. Read the law you posted. He is not a fiduciary, he is not on title, has no authorization from owner. When shopping for options a buyer cannot find out the terms/conditions/order payoffs. Why would you quote something that does not apply in FL or CA?

a mortgagor, a record title owner of the property, a fiduciary or trustee lawfully acting on behalf of a record title owner, or any other person lawfully authorized to act on behalf of a mortgagor or record title owner of the property,

 As I read it - Clifford is not on title. Without clear title the servicer doesn't have to talk to him, no he has no legal rights. Otherwise any thousand persons could be ordering payoffs which incur costs usually like $50-$100 per for their own snoop reasons. He's only "working on" buying or wrapping... 

FICO determines part of your interest rate AND YOU as a human are personally guaranteeing the loan. It's not a commercial loan. You should not apply with many lenders, you can show them your mortgage middle FICO (not the consumer score) and tell them the property location, price, condition, type and then ANY DSCR or NonQM lender will tell you the interest rate at that day. Rate change daily... You need to be in contract on a specific property and apply to lock

@Steve Meyers  higher than $75000 loan amount is available but the subject property needs to be leased at closing not a rehab property if your FICO is good to great and you have the money in the bank for closing and reserves.

lots of options just ask

Find the best HELOC with low fixed rate. You do not have to draw on it and wait. The maximum payment/rate will be used in your debt to income ratio. @Logan Koch

Adjustable rate HELOCS are generally prime+ 2 owner occupied if your FICO is 721. MAXIMUM rate 22% (fixed will be in the 7-8 range).

You wrote there is no lender no bank no servicer involved, am I misreading that now? ? If is a single human they may not ask for the loss payee for months, or ever. Do you have a copy of the note? If is a human person they may have reasons to want to continue monthly payments to avoid capital gains, I suggest you talk to them or the heirs. If is a NonQM or conventional or even hard money lender type you can't get adequate coverage, you assume the risk that prior owner or single human keeps the check and no repairs ever get done an you can't collect rents or live there if red tagged. This is the risk of not legally assuming the note. You fold.

Generally HELOCs cannot be in first position. Don't know who you went to.

HELOC FICO is 721, you are under that line.

The loan officer/guy in the bank who also opens the vault and does car loans only makes $150-200 on your loan. Considering you probably called and emailed 50 times he's working on fumes. Loan officer should have told you not to pay off the debts it will take 40 days to show on a credit report. You supplying the ACH transfers or however you paid it does not work with HELOC processing. The debts listed on the credit report are digitally loaded into the file and cannot just be erased. So your debt to income ratio still is a problem holding you up.

As weeks pass the information you provided gets old. Your paystubs and bank statements of November are no longer any good. 

Don't cancel. Apply somewhere else that tells you in an email: we accept 700 score, we do first lien HELOCS all the time, we have this portal for you to upload everything and apply. HELOC is cookie cutter, it's a yes or no once the lender's system digitally verifies the details. There are rarely or never any exceptions to the policy the lender has in place.

Try Huntington Bank if they lend in your location, don't know where you are. Pray the score went up with the paying of the bills. If you need a name of someone, just whistle.