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Update on house situation

January 10th, 2014 at 04:09 pm

Hi all,

Using this as a diary to laugh or cry at later.

Update on house short settlement (where I live now) trying to buy out existing mortgage at a discount and take ownership of property singally without my ex. Settlement $297,500.. Value $450,000. I can not get a bank loan due to pending foreclosure on a rental and there is a year waiting period from the END of that. I had my attorney withdraw and will no longer fight that.

Made 36 calls (had a friend help) !!! Crazy insane.. talked to several folks.,and have 4 applications in the works and expect news on at least 1 of them today. Waiting on several more calls back too.

Points and rates are likely to be higher than I want. These are true hard money folks. I have one (non hard money guy) but he does not seem as strong .. I will hear from him mid next week. Still hoping for 8% rate and 20k down but folks are wanting 5+ points but can wrap them in the loan .., but not if loan to value goes over 65%

We will see.. news soon..

I want to settle this so I can RELAX and start my financial plan and move on. These last 2 homes represent the last ties to the past 'downfall'

good month w 6 homes and 3 units... low costs.. all rents in and cut insurance (yearly costs) by over $2,000. Will make efforts to raise rents across 3 units this year.

also started 401k this month.. 8% from me.. 3% from work.. (vested from day one) and $125 auto savings into emergency fund..

Making progress just need to settle house.

2 Responses to “Update on house situation”

  1. rob62521 Says:

    Sorry things are such a pain with the house.

  2. Rachael777 Says:

    Thanks for saying that.

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