All Forum Posts by: Ron S.

Apologies, I meant, you signed a "WAIVER" with your inspection to apparently hold him harmless for his negligence . In my opinion, You have no case. YOU hired YOUR inspector and YOUR inspector gave no indication of any issues and YOU went with YOUR inspector's report. You had every opportunity to inspect and perform all due diligence necessary and offered by the seller. You eventually signed off on all inspection contingencies so, to me, you bear all liability but, fortunately, i'm just some guy with an opinion that doesn't matter. All that said, i'm very confident an attorney will take your case, winnable or not. I see attorneys take cases against my bank every day, knowing they don't have a chance to prevail but satisfied with the retainer and billable hours.

you waived inspections and contingencies. Good luck. Sounds like you learned an expensive lesson...hopefully.

1) There is not a chance getting the bank to do anything. Refinance it...at today's rates or deal with it the way it is. The bank isn't going to change their loan to accommodate your friend's situation.

2) That has the best chance of success between the two options.

A lawyer can keep them both honest to write up an agreement but would be useless to use to negotiate with the bank.

 I wouldn't provide a written explanation. I'd provide any verbal explanation they want but i wouldn't provide anything in writing unless i was compelled to do so by a court. Stuff happens and things change. Unless you committed fraud and disclosed that fraud, you don't have anything to worry about and don't need to say anything to anyone about your business. Why give anyone a written document that you can be held accountable to? This is not being adversarial or anything but just don't volunteer to spill out your personal life.

I'm not an attorney and i'm not giving legal advice. I am a lender and i am giving my opinion. I've had borrowers flat out lie about their intent and i was able to prove it (later on) and I sold their loan to the government and when the government questioned occupancy, they simply made me buy the loan back, which i did, because i didn't have a choice so then what? I had a loan in my portfolio with a borrower paying monthly. What was i going to do, call the note? Hardly. I sucked it up knowing a borrower got owner occupied financing that they didn't qualify for. They probably committed fraud but i wasn't going to be the lender that was gonna die on the hill suing them on behalf of the feds and the feds weren't going to do anything because they made me buy it back. 

it's just this quarter's get rich quick scheme. The devil is always in the details. Why pay anyone for anything you can get yourself for free? 

Are you the seller's attorney? Agent? Why isn't the title/escrow company (That's the way it normally works) asking for the payoff as they know what to do. Anyway, with your request, are you including borrower's authorization? Are you including everything else the lender requires (Assuming this is Texas: Texas Administrative Code (state.tx.us) ? If you are, Federal rule requires a payoff demand be provided within 7 (business) days of the request or, an explanation for why one can't be provided.

I ignore payoff requests when the requestor can't connect the dots to show me they are entitled to my information. If they show me, i don't want to get in the crosshairs of the CFPB so, i comply.

you aren't going to get much of an option on financing auction purchases. Better to try private money (Friends/Family/401K or IRA withdrawals). Even hard money will be a challenge (Not impossible, but a challenge still).

if he can show the sister has made at least 12 payments to him or to the bank, he should be able to exclude all, if not a good portion of the payment from his DTI calculations. He can already show she is on the loan and a letter of explanation should be acceptable to all but the most unreasonable underwriter.

Call the landlord before the last one! The current landlord will tell you they are saints just to get them out if they are bad tenants. 

 You get a trustee's deed from the foreclosure sale then you pay the senior lien off. There isn't any negotiation. you pay them what they tell you to pay or they foreclose and no, you don't get to assume the previous owner's mortgage.