All Forum Posts by: Account Closed

What areas of AZ? I know a lender who might be able to help but for those kinds of loans he is city specific.

Take your money to Vegas and put the whole wad on Red 7. You have better chances of that being a good idea.

No. This is not a good idea at all. 

The bank is looking at Debt to Income Ratios. If it is money you already have, it doesn't affect your DTI. But, if you borrow money for the down payment, you are making an additional monthly payment the lender doesn't know about. That increases their risk unfairly.

Also, the increase of the DTI may make the loan undoable. If the loan is backed by the U.S. Govt (FHA, VA, Fannie Mae, Freddie Mac, USDA) then it affects the insurability of the loan. Not to be too blunt about the matter but giving false information on a federally backed loan is a felony. It usually is caught if payments ever get behind and then they audit the loan.

Why not do things the right way? No property or opportunity is worth the risk you are describing. I know it is an honest question, so I am giving you an honest answer.

Yeah, it's a very mixed up company. Lol

 The bank won't lend to you on those conditions. You need an investor who has the net worth of the total amount of the loan to even get the loan, you need an atorney to draw up the agreement, and yo are bidding against people who have done this before and all set up to buy. Find someone who does these and learn directly from them. 

How are you calculating that out?

Out of curiosity, for STR in your area, what are the "draws" that would have folks book STR? Is it similar to Asheville?

There IS an answer, (and it's legal) but since your wife is an attorney it is too risky to give you advice (nothing personal), sorry. Plus, Portland has gone to H-ll and it needs to collapse and rebuild or at least change the city mayor and city council before investing will do you any good there. Not a political statement, that is an economic statement. And, your problem isn't the DTI, it's the location.

Love it.  Your level of sarcasm is epic. Lol
 

Just as a sample, here are some Wells Fargo recent actions (even After all of the lawsuits and disciplinary actions)

* https://www.complaintsdepartme...

These are real people with real problems from the Really Bad Wells Fargo - 

"I have fraudulent charges that are on my Wells Fargo Visa card. I called the fraud department and I was told that because I made my payment to the card that this an acceptance of the charges!!!?????? It put me over my limit. Im sure if I didn't pay they would had reported to my credit, so there is no win here?"

"In May 2020, I was declared deceased by Wells Fargo. I had called because my paycheck was not deposited into my account on the scheduled day. I had to call & speak to a representative who emailed me a Affidavit for Proof of Life. Then I was told to go to a branch because it was the only way to get my check deposited into my account. I have since last year been dealing with this situation & I am still having problems."

"Years ago, my wife and I obtained a mortgage loan for commercial real estate from Wells Fargo bank. That loan was paid off in full 11-4-2013. The problem is they never filed a reconveyance with the county to clear the property as collateral tying up the property still to this day.
Our current loan officer worked on this and received no assistance from Wells Fargo; the same thing happened with our current title company."

"Please help! A physical check left my bank account (not a Wells Fargo account - completely different bank) for $4,000 made out to me with my address and an account #. The account # is inactive and was over a 15 year old credit account. Although the customer name did not match, the address did not match and the address the physical bill pay check was mailed to DID NOT MATCH, a Wells Fargo Teller stamped and deposit the check into a Wells Fargo customers' SAVINGS account."

"Wells Fargo has the worst identity security! Last month someone physically withdrew a good amount out of my account in another state. How is the question!?!? I've never lost my ID or personal information. Last week someone went on a jewelry shopping spree with my card #."

"Has anyone else had Wells Fargo Auto loose their title to their car after you had repaid the loan or had issues getting your title from them? Would love to know if there are more people out there that this has happened."

"Hi my name is Nazly. I am so upset right I could cry. I went to Wells Fargo ATM in Calabasas on January 11, 2020, put in my pin to get money and it said error. I thought I might have insufficient funds so I checked my balance on my phone while I was standing at the ATM machine. To my shock they had debited out the $300.00 but I never got the money."

"I have been trying to resolve this issue for 4 years now. I paid off my car loan in 2016. They sent my title to a P.O. Box that I had for 5 weeks. I was not informed that it was returned due to their policy of not sending to PO boxes until I called to find out where it was. I was told that they could not send it to my home address. They did send me a paper lien release. I tried to use this to get a copy of the title and the Az.MVDwould not accept it. The AZMVD said that in 2016 they began requiring an electronic release. I called several times and spent hours on the phone getting the run around until I finally traveled 1100 miles to the branch that I paid my car payment for 5 years totaling over $15,000. I did talk to the assistant manager and the vehicle loans dept and he sent me a $90.00 check to pay for registration, he assured me that he had fixed the problem. After calling the assistant manager back she could not help me"

And on and on and on  . . .

 Lol