OfflineI received an email a few days back and I feel bad that I have not been able to get back to this guy because I've been soooo busy. I really don't understand what he's trying to do. It almost sounds like he wants to just refinance the house in his name and do like a short-sale or something. I am learning a lot with you guys and I greatly appreciate your help, but could someone help out this total RE noob.
Here's the email:
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I currently live in a home that I paid the down payment on and pay the mortgage; however, it is financed in a family members name due to my poor credit. The property is off of Kuykendahl and 2920 on the border of Spring and Tomball. It is appraised lower this year at $113K. I want to refinance a balance of $40K and I am open to a balloon payment or a more standard term. My current mortgage is a 15 year 6.5% at $1009 piti.
If you have any contacts with investors who might be interested please let me know. The property is no in foreclosure and has no urgent refinance requirements, I am simply interested in moving this from my relative to free up their credit for a purchase of a new home for them.
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Katriska,
It sounds like he wants to refinance his property because the loan and most likely the property itself is not in his name alone. He is looking for a money investor who would be interested in loaning him 40,000 dollars on a home he states is worth about a 113,000 dollars. A conventional loan would require him to meet a specified standard ie credit rating, debt to income ratio, time on job, etc. If he falls short in one or more of these categories it may not be possible at this time for him to get a loan in his name; therefore he is looking for a private investor who may be willing to take on a higher risk for a better return.
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Thanks, I didn't know investors did that. I guess I learn new things. So, in turn he wants someone else to foot the bill for him so his family member can move on and he pay them back. Hmm.. I have to ask this one guy who emailed me if he's in to that. I think he wants to flat out buy the property though. I wonder if I could work something. I need more buyers LOL