All Forum Posts by: Jay J.

 1. I was only insuring the amount of cash I put into the deal. and actually the market value I thought it is worth. but the replace cost of this house is twice as much as the all in purchase price, (according to insurer's model)

2. it is a 3-bedroom single family house

3. my LTV is 66%

 yes. i need to take it easy.

 It is a local lender, i thought it was going to be easier. 

thing is I have prepaid the taxes and insurance literally last week, yet they still require me to prepay more. 

Recently was trying to do a cash-out refi on this property. And have been working with this lender for the past 2 months. 

Now I am so frustrated that i am thinking if i should close on this loan at all.

1. This lender never heard of Actual Cash Value insurance policy so they "forced" me to change insurance to replacement value based policy, increasing the premium per year by more than 600 USD

2. The appraisal cost is $650 (WTH!!!!)

3. Despite the fact that I have fully paid one year of insurance premium, i have fully paid 6 months of real estate tax, they still require me to pay 3 months of tax and 5 months of insurance premium at CLOSING , AND escrow the tax and insurance each month.  

I have 750+ credit score, I have strong and stable W2 income, I am the best credit banks are fighting for, yet this lender is giving me challenges every turn of the process and i am so frustrated with them now.

Thinking about not close on the loan, i don't need cash now anyway. 

Sorry for the venting. Maybe I am asking for too much, but as investor, I am putting my own money to work, every dollar counts. I am not going to pay someone $650 to do such an appraisal when market price for such appraisal is $450. 

If you think I am too unrealistic and unreasonable, tell me so I can learn my lesson. 

Sorry this happened to you. This is such a painful experience but surely it is not because of real estate investing itself. Hope you can find ways to recover losses and become much stronger in future. Good luck!

OK, Thanks! will try all the bank's attorney (who ordered it late last year prior closing but the field carried out through this entire 3 months span..)

Hi All,

I faced this tricky situation and wondering if anyone here has some suggestions.

I bought this REO property last year, closing date was Nov 28, 2016

Last night, 1/11/2017, i saw a notice on the door side, stating that previous owner who was in foreclosure will be evicted from this address by Jan 26, 2017, 8am.

Apparently the previous owner was actually third last from me, second last owner was the bank, then me.

shall I care this at all? will court Marshal break into the house on jan 26 if I am not around to throw out whatever stuff in the house? this notice was issued by Marshall, who visited the address yesterday.

Thanks!

jay