All Forum Posts by: Kathy Utiss

I've made a presentation that I'm attaching that I'm hoping gives a better understanding. Our goal is to help end homelessness. Granted there are going to be those that qualify and don't qualify to help themselves. If something is against the rules I apologize in advance. Just trying to get the best advice possible. 

When you say NACA I assume you mean Neighborhood Assistance Corporation of America. The best place is to find out is probably the recorder's office so you can see exactly what the terms of that soft 2nd are and with whom. With interest rates your right refinancing isn't really an option if your trying to move. Selling may be an option. As it has been 5 years since you financed with NACA. I didn't know they did a purchase option for homeowners. But as they say in real estate it's all in the numbers. What will make it make sense so you can move on?

Netronline.com is good for any state you want to search. It of course will let you know if that particular county is free or not. If recorder of deeds isn't free maybe personal property records will let you know if an owner still owes the property or not. Sometimes you can find out how much the mortgage is/was. Another good tool for records if one has filed bk is  pacer.

Good Day, 

We've been in the process of attempting to come up with a solution to "End Homelessness." Most of the work is done. Our way to do this is to offer a "Deferred Payment Mortgage" to both investors and homeowners. The idea is to encourage one to use their health to insure their wealth. This is done by using a life insurance policy. I do have a LLC and a non-profit to do this if necessary. The solution requires one to put 20% down. Then that money is put thru the "Double the Donation." The double the donation raises the funds to pay off the property. Then once the resident qualifies for the policy they are housed accordingly. With the policy paying off the p/i on the created loan.

But finding investors isn't as easy as we thought. As with the double the donation the funds have to go into the non-profit bank account. I have a decent score but some credit advertisers say it's like 680 vs 725 very alarming there could be such a discrepancy when all you do is try to maintain. While I understand a lot more than most I'm looking for more insight. I did have someone approve a vip deck but then they just quit responding. 

We are able to also offer a better rate of return than most. But the idea lets one put the money down and end up with a deferred payment mortgage. This means there is no default as well that could be created. This is a massive savings to both investors and homeowners. As our program is for homeless and near homeless. Investors could place section 8 tenants and receive the income they usually make. Plus not have p/i pymts. Any advice?

Dolly, 

Maybe someone else can chime in. Maybe, this is state specific to you? If you've purchased a 2nd/3rd  mortgage and she refuses to pay its up to the 1st to give an amount due to take it over. If it's worth it to you. You would have to foreclose to do such. Your within your rights to do such being a 2nd/3rd lienholder. Someone as usual within WF doesn't know what the left or right is doing. As from what I know they sell their mortgage notes. If they decide they want to they can foreclose and wipe you out. I had a 1st foreclose knowing they didn't know who owned the 2nd. Everyone, who claimed ownership could never prove it. They were dismissed w/o prejudice. But no attorney would take on my case.  The dance is no dance if your not armed with proper info. I hope someone chimes in :) 

I'm near St. Louis. Many people will tell you not to buy off the MLS. However, if you ask me there are a few worth looking at here. The market is hard to determine what would be a true ARV on some of these homes. But in others isn't so hard. This to me seems like a good one. https://www.movoto.com/saint-l... So does this one https://www.movoto.com/saint-l... I don't know KC like I do the Lou. But zip codes and research goes a long way :) Good luck :)

Wouldn't this work as a sub to deal. Ie You already have the financing, figure out how much you need to meet the current obligations. If there is any room for more put it there. Have them put xyz down then refi you out. You could show the arrangement with the paperwork. But only so much of the income may qualify. But for all practical purposes your better off to sell outright! You don't want to mess up your own credit no matter how much you like or trust someone. I know more experienced people will chime in :) 

A lot of people will tell you to attempt to do business locally. However, most banks and or lenders have so many hoops to jump thru. Even though you have a primary residence , and a rental does the debt to income or built in equity cover help the deal make sense? Credit score is a big factor as well. There are some companies offering jv equity partnerships that might help. However, my experience was not what was expected. You will have some chime in I'm sure. But the more info given the more precise your answers will be. 

Curious if anyone would be interested in doing this. 

If his assistance doesn't work lmk. I have an associate into setting up wills, trusts, annuities.