All Forum Posts by: Chris Miller

Wonderful Job Lesley!  The master bath is a good idea in getting that Value up so you can get more on your refi. 

Hello Joshua Beall could you please share with us the local lender you use for Virginia that did the 85% LTV cashout refi. Thanks

Thanks for the knowledge JAY!

Thanks for the input Albert!! Great info. I use sub 2s for investment purposes. There is 1 that I wanted as my primary and fixed it up accordingly. I was looking to cashout refi that one as well. I wanted to keep refinance as an option exit strategy for my investment sub 2 just in case I needed as I ran into a seller who wanted one a house back after I repaired it. So I am looking into another exit strategy if I need to I can refinance these. There is one that I wanted to keep as my primary and wanted to pull cash out to finish fixing up according to my like as there is good equity in there. Thanks for all the good posts! And Jay you are 100% right sub 2s are very dangerous and having multiply exit strategies available is a plus and need.

Thank you for your reply Albert. With trying to refinance with conventional seems to be difficult to do with 6months title seasoning if the LTV can only be 50% because of the continuity of obligation you mentioned. If that is the case then why are lenders still asking me for a payment history even though " I am not obligated to pay" . However it seems to be different if you have title for 1 year and go FHA you then can refinance with out worrying about continuity of obligation. I still would like to hear from anybody who has ever refinance a SUBJECT TO deal. It seems it should work with conventional with out the 50% limit. Would an underwriter underwrite it as a purchase yet close it as a refinance?

• I Bought a house subject to 6 months ago. Closed at a title company I Have the deed I own the house I am looking to pay off the existing mortgage that is not mine. I am looking to do a cash out refinance. Can this still be done now? I am having a hard time in my area with lenders understanding what I am trying to do. One stated continuity of obligation issue the other said I have to have 6 months to a year payment history. Can I refinance? As I plan to keep this property as owner occupied now that I fixed it up. Thanks 

Thanks for your input so far. Has anyone had to face something similar to this? What could I do in this situation? Bill Gulley your input please, anybody with a situation similar to this? Any lawyers? Thanks

Would like some feed back on this scenario. I bought a house Subject to the existing financing from a guy on 6/18/15 his wife called me tonight 12/17/15 saying she is going to get the property back and sell it and her husband was diagnose with altimezers a week ago and may have had it for some time and remembers nothing now and she will sell the house and keep all the money. I am speechless. She says I am screwed and there is nothing I could do and no judge would rule in my favor. This house was listed from 2/21/14 to 8/31/14 for $142,900 and 10/23/14 to 4/24/15 for 139,900 on the MLS by a realtor he would have to pay 6% if it sold however it didn't. . He called my company on 4/29/15 and his information was taken down that day. On 5/7/15 he entered in a contract with me to purchase the house subject to existing financing with the loan balance $110,452.95 and I gave him 200 and caught the loan up that was 3 months behind. We closed the property on 6/18/15 at a title company. He signed Seller's Due on sale disclosure, Borrower's Authorization to Release Loan Information, Limited Power of Attorney, Mailing Address Change notification, Insurance Change Notification, AND a long list of Seller Acknowledgement and addendum to Purchase Agreement. In there he initialed that he is under no duress and am mentally competent and that he entered the purchase agreement transaction thoughtfully and deliberately. The loan is current. I have since put $40,000 in to the property and turned it into a 5 bedroom 3 bath house with a buyer lined up to close in feb. once I am finish in January the new buyer wants to sign the contract.

Can the wife who was never on title get a power of attorney and take the property from me? Will a judge allow this to happen? Can she stop me from selling this to my buyer that I have lined up by clouding the title somehow? What are my options? She claims she has a lawyer and swears that I am screwed and there is nothing I could do.

p.s He sold me this house because he said that he was moving in with his wife and that having to houses was becoming difficult to maintain. I even caught the mortgage up since it was about 3 months behind when I bought it from him. And wife knew what was going on. He did not appear to have any issues at the time we talked and signed. The house was listed on MLS for over a year.

Would like feed back on how you would handle this and have you ever head of  a seller getting the house back like this from a judge and most importantly can I sell this to my buyer lined up two months from now. I Don't want her clouding the title. Thanks