All Forum Posts by: Jeremy Segermeister

@Chris Seveney thanks. I’ll keep all my payments up to date then.

@Jennifer T. Thanks. What is more confusing is if the forbearance flag gets removed at the end of the period, or is it on there forever? If it’s just temporary, I’d simply make sure to remove the forbearance the month before I apply for my loan.

@Alex Olson I actually don’t think it will impact the score at all. I’m more concerned about the underwriter at US bank not approving my construction loan in a few months because they see I was in forbearance. I have perfect credit and never intended to impact my ability to secure another loan.

Hi All,

I still can't seem to get a clear answer on exactly how loan forbearance will impact credit reports (not scores). I understand it will not impact my score, however, banks will see that I am in forbearance (which has a negative connotation)

Here is my situation - I have my primary loan with Wells Fargo, an investment property with freedom mortgage, and I just closed on a lot loan with US Bank. My investment property is in Hawaii and unfortunately sitting 100% empty now. I am going to convert my lot loan into a construction to perm in a few months to build a house, likely with US Bank. 

While I *can* make all three payments, it will be painful until COVID restrictions are relaxed and I start getting income from my investment property. I put all three of my loans in forbearance recently, under the guidance that there will be no impact to my report. This sounded like a great option to help me sleep at night. 

 I just got off the phone with a loan officer at US Bank and he said that forbearance will be marked on my account, which is perceived as a negative when applying for the construction loan. They also have a policy that prevents refinancing within 15 months of a forbearance which would prevent me from getting a construction loan with them.

This was a huge shock to me. He said I should immediately call US Bank and get them to cancel the forebearance (my next payment isn't due for another few weeks). Is he correct on this? Should I remove it on just my lot loan? Or all three?

Any advice would be appreciated.

@Nik Moushon thanks Nik. That’s what I thought.

I’m in escrow on a lot in California. To make a long story short, the sellers attached an older and incorrect version of the lot size in the disclosures. I was let to believe that the lot was 15% wider than it is (63’ vs 73’). I was not aware of this until I paid to have an architect and surveyor conduct an assessment of the site.

I am deciding if I want to move forward with the sale, but I want to get everyone’s opinion if I would be entitled to reimbursement from the sellers because if their error. I paid a deposit of $12k to the architect and $2400 to the surveyor. I may be able to recoup some of it, but there are of course no guarantees.

@Sue K. Thanks. I already put a deposit down on an architect and paid to have the survey done. Would I be entitled to a reimbursement from the seller if I walked away?

I’m in escrow on a lot to build my dream home. I live in the Bay Area, so everything is relative.

The listing and disclosures had the lot size as 73’ wide by 120’ deep, at 7,854 square feet. We landed at $990k purchase price.

I spent the money to have the lot surveyed and hired an architect. The surveyor found out that the lot is actually 63’ feet wide and 7595.92sqft.

I feel like this is a material change and I should ask for a reduction. What would be a fair way to calculate the reduction? Cost per sqft?

Hi All,

I just submitted an offer for a lot. It is going to me a custom home and will be my primary residence, but I may pull out equity once completed and use it for future investments. I'm trying to decide how much I can afford for the construction, but am stuck a bit on how to estimate the property taxes. I understand the county can use either cost basis or nearby comps, but that is going to be a huge range for me and will have a major impact on my annual tax bill. 

Cost for land ~$1M

Cost for construction - $1m-$1.5M

Appraised value after construction - $3M

Should I assume 1.25% based on a $2M house, $3M house or something else? This is in San Mateo County in California.

@Jared W Smith good point. I'll double check with the architect (once I hire them), but from my interpretation of the code and after talking to various people, they are pretty strict. The ADU should help a bit.