update on house situation #2. I have 2 weeks left to get the money
Essentially most everyone has been called (but searching for new lender contacts today). I have 4 people on the 'hook', I WILL hear preliminary news tomorrow on at least 2. I had planned to refinance out in a year (via purchasing it from my LLC) which made the higher rates not so bad. I just found out that I may not be able to. My plan was to take title in my LLC and then buy it from myself in a year (after last foreclosure sale/deed in lieu date.. my 2 flat.. I just withdrew my attorney from that case). There is some concern that is not an arms length transaction. The lender raised that concern and I botched the answer.. possibly losing his confidence. I am unclear if he is going to back out or not. My accountant says there is way around that. I need to get clear on what that is and STOP talking when I do not know the terms.
Today
1. call attorney and FHA underwriter on arms length issue
2. call my foreclosure attorney ( that I just let go )and ask him what other outcomes there are to a foreclosure case outside of deed in lieu and sale
3. call attorney for bank (or rehire above attorney to do so)on 2 flat in foreclosure and offer to give back deed in exchange for some other marked resolution than deed in lieu.. like have htem dismiss the case etc.. This is because the waiting period for foreclosure starts after the deed in lieu or sale date but there is NO WAITING PERIOD if neither of those occurred and the case just faded away.. Maybe if these guys get the house they can just make the case go away
I need to get clear on things and keep pushing
Yesterday was a terrible crying out of control night when I got that arms length transaction news. My deal hinges on getting out of the hard money loan in less than 18 months.
I do not want to pay hard money for 3 years aqnd it does not make sense and no one wants to lend for that long.
If I can not buy it from myself (LLC). I have to wait to refinance. there is THREE year waiting period w FHA to refinance
Onward!
update on house situation #2
January 14th, 2014 at 01:40 pm
January 14th, 2014 at 02:31 pm 1389709894
Could you clarify one point: it is not considered an arms length transaction because in the future you will be both the buyer and the seller?
January 14th, 2014 at 02:43 pm 1389710614
January 14th, 2014 at 02:46 pm 1389710768
If I read correctly, the buyer for the short sale is the original owner who defaulted. (It reads like a loan modification/HARP situation). The bank is reselling the house for a lower re-negotiated price, but because it isn't conventional there appears to be a loan-funding issue. I follow with interest because I've never heard of such a thing.
January 14th, 2014 at 03:08 pm 1389712084
January 14th, 2014 at 03:32 pm 1389713552
January 14th, 2014 at 03:39 pm 1389713977
January 14th, 2014 at 03:44 pm 1389714276
I think I follow it now.
Good luck getting your funding in place; that has to be stressful.
Looking forward to your sharing some good news about financing!
January 14th, 2014 at 03:44 pm 1389714284
January 14th, 2014 at 04:13 pm 1389715987
Any chance you and the ex can short sale the two family? It would take too long to help with financing the short pay-off, but might help with the refi.
January 14th, 2014 at 04:28 pm 1389716881
thanks!!