Financing and Credit

Ok i just got a call today about a house that is worth about 89,000 and she owes 86,000. She is current on her mortgage but but has a $3000 dollar tax payment due this month for the year. her mortgage is $1000 monthly. so this is about $4000 she doesnt have. she wants to just leave the property. i put a ad out that i take over payments but i can't see how i can make a profit at all here. i don't want to pass up so i thought i would post here because i read some creative stuff from really smart people. please help to a solution here...thanks again dgfamily! (:

I am private loan lender who give out online loans to all at an affordable interest rate of 3% and a long term of repayment period which is negotiable, so if you are in need of a loan all you have to do is to contact me via my private mail for more information on how to get the loan.

Thanks
Rev Moorn
Email: info(at)revmoornfinance.com

Does anyone currently work with or know of a bank in St. Louis, MO that works with investors? We’re looking for a bank that will do cash out refinances without any seasoning requirements. We would greatly appreciate any help or referrals that you may have.

Thanks,
Chip

Is now a good time to use my VA certificate, I have been holding on to it for over twenty years, is it possible to purchase two homes using it? Does anyone know, can I use it on a recurring basis ?

Does anyone know of any Lenders that are willing to hold the 2nd Place on a Mortgage to an REO deal I'm working on.

I have an awesome deal I'm working with a Bank on, where they are asking $118k. I have a private lender who is willing to finance me $90K, and I would need to come up with the rest.

Being BRAND NEW to this, I do not have the cash or the credit to make up the difference. The Bank is not interested in financing to my LLC, and so I'm wondering if anyone knows Lenders who would be interested in taking 2nd place on this mortgage?

It's a sweet Buy/Hold deal, could rent for close to $1400 no problem and has a FMV of $165k. I would love to Jump on this deal, but don't know if this will work to have 2 mortgages on the place.

Hello, DG family. I've been having quite some difficulty flipping a property in Trenton, NJ. I'm beginning to feel as if I should keep the place as a rental as I'm truly getting this for an awesome value, and the seller's willing to work with me in every way imaginable to make this deal work. I might add that he has other folks wanting to buy this property directly from him. If I only could have found these folks first, lol. I'm thinking of approaching some individuals who are private money lenders in order to get the funds to secure this place and to do the minor remodeling tasks - under $1K. Outside of seeking private money, what are some creative ways that I can acquire this property as a rental?

Watching Gred Murphy talking about the Lease Option Contract and how he locks it up with a tenant buyer that has 8,000.00 (one of his examples) down but with bad credit and sends to his mortgage broker to clean up their credit so they can purchase in 5 yrs down the road.
My past experience as a loan officer was; peole with bad credit didn't get approved for loans very often and probably never for 8,000.00 'unless' it was secured with a Car with equal blue book value. Also people with bad credit didn't have 8,000.00 laying around to put down on a house either. What is the rest of the story? Do mortgage brokers get them approved for the loan?

--kathy

About 2.3 million homeowners could have refinanced their mortgages last year if they didn't owe more than their homes were worth or if lending standards weren't so strict, according to a Federal Reserve study released Thursday.

It proves that the banking industry is its own worse enemy. Read the whole story here:

http://www.cnbc.com/id/44637786

Just thought I'd share a brief story and serve as a little reminder that people are always watching (listening).

I just got done talking to a mortgage broker who thinks he knows everything. He told me that there was no way that you could get an FHA loan with under a 620 FICO score. I had to tell him he was wrong. In fact, FHA will offer loans all the way down to 500. You have to be 580 and above to get maximum financing but 579 to 500 allows you to get a 90% loan. The problem is that the banks are allowed to apply a credit profile overlay. Most banks use 620 or 640 instead of the 580 minimum as that is a decision they made, not FHA. Anyway, for those that want to read the rules, here it is:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-29ml....