All Forum Posts by: Ram Chandrasekaran

Team
I am trying to understand how the Short Refi affects the Credit Score once everything's a done deal. Here's a hypothetical situation. Any insight is Greatly Appreciated!

- I short refi for 'X' amount the Lender sends a 10-99 for the loss they have taken
- I talk to my CPA and have them project the amount as a loss and not a gain in reality
- Lender reports to the Credit Bureau about the Short Refi (which in effect is considered a Short Sale)
- Credit report shows 'Short Sale' or probably, ForeClosure
- Points reduce by about 60 points? (or more)

What happens to:

- My existing Credit Cards. Will the interest rate increase?
- If I plan to lease a vehicle under my LLC and personally agree to be the Guarantor, they are going to have to check my Credit Score. Will the application be denied or higher interest rate for financing?
- What happens to the future credit - i.e. if I apply for a new credit card for my LLC, open a Business Credit line, etc.
-How long does the credit score continue to be low after a Short Refi (7 years? 3 years?, etc.)
- Will I be able to find a rental house after the Short Refi as I am quite certain the Short Refi is going to show up in the Credit Report when the Landlords pull the credit
- Anything else that I have ignored in my questions or scenario

Thanks for your help again Team!

Cheers
Ram

HAPPY BIRTHDAY, James!!!

and you are 21 now, correct? ;-)

Cheers
Ram

Thanks much, Robin. Apparently, thats the other doubt I had in my mind - If the Attorney I spoke to was "Indeed" a RE Attorney. But again, I am going to go for a Second opinion and talk to a RE Attorney my friend referred me to sometime back...

Cheers
Ram

Sure thing, Rob. I drive down to South Bay during the weekends (mostly) so we can setup a date/time when we can meet (for lunch? Yes). :-). Looking forward to meet you.

Cheers
Ram

Team
I am looking to form a LLC through Legal Zoom or Incorporate.Com or some other site (LLC.COM). Which one is best? The rates are almost the same if I include Tax ID preparation and receiving, Operating Agreement, Expedited Processing, Registered Agent for 1 Yr, etc. (works out to about $650.00 total). Suggestions, please?

Cheers
Ram

I for one, believe WaMu will not shut down like IndyMac does. I do not know why but I feel so based on their financials that I followed a few months back. They are #1 S&L Nationwide and wondering if someone will let go off a GREAT Bank like that. Instead buy that and create a niche for themselves in S&L. I was waiting for it to trade at $3 so I can buy some and experiment. It is risky, I do not deny that. But I will limit my losses to $1000.00 even if something goes wrong ;-)

Cheers
Ram

Thanks Heathen. So what I understand from your post is that:

- It has always been a Balloon type of Loan that the Lenders underwrote back in the days which they were able to call when the Great Depression struck the Country?

- Mine is a 15-Yr Balloon (2nd loan on my house) which becomes due in 15 years but the monthly mortgage is amortized for 30-yr. So the monthly payments is actually one that I MIGHT have paid if it were a 30-Yr Fixed

Cheers
Ram

Hey Rob
WARM WELCOME to BP. This is Ram from Concord, CA. I have just started my Wholesaling. Still in process of Advertisement, printing, Buyers list, Seller post cards, etc. (a whole LOT to do!). I am beginner investor from Easy Bay and have been involved in "Reading" for the past 1 1/2 years about RE and Stocks/Bonds. Looking forward to work with you.

As for HML: ************* a friend of (mine and) BP members from Pleasanton (and BP Moderator Alumnus - Hope I said that right) is one that I know of! :)

Cheers
Ram

Hi Tony
I am quite certain that Double Closing is NOT impossible to do. Matter of fact, I called my Title Company's Escrow officer (couple weeks back) and she herself is an investor. She said she will double close if both the Seller and End-Buyer are informed of what is going on in the transaction. IOW, the transaction is transparent to the Buyer and Seller. You may want to talk to your Title company and find out more. Hope that helps.

Cheers
Ram

Thanks to everyone who added your inputs about the History of "Due for No Reason" clause. I have not heard of that till you all could respond to one of our member's question. Glad that I learned something today! :)

Have a Great Weekend.

Cheers
Ram