Main home refihance update.
1. 5/1 arm 5.375%.. 2 points. they accepted my old appraisal and are submitting to underwriter now news late next week on approval . if approved should be able to close SUPER FAST
*that is my 2nd choice**
2. 3.625 15 year conventional loan, has been with underwriter a week.. still with underwriter.. they are currently pending for some official documents from the DuPage recorder of deeds that lists the actual date the transfer of the foreclosed homes happened.. when they got out of my name. I assume they need thsi to verify the foreclosure occurred AFTER my BK which it did. Fingers crossed. also shouold have news on this next week. If this goes through I will leap up and down and be done. The loan up top requires me to refinance again in a few years. I want to be done w that. I have a chance of qualifiying for conventional as a new rule came out that if you bankrupted out of homes that were later foreclosed you use the BK date to start your waiting period not the foreclosure date. With extentuating circumstances I fit this.
5/1 arm payment is $2500 w taxes and insurance
15 year arm is $3100 w taxes and insurance
These #s are rounded UP and are a little higher than quoted
I pay now $2970 withOUT taxes and insurance.
Onward. Praying for a loan soon!! (and a closer or work at home job)
Archive for October, 2014
HI all. I finally paid off enough to earn a free and clear deed to one of the homes in the '6 homes agreement'. I am going to choose the one I fixed up 2 months ago that rents for $1435. I will do paperwork next month or December. If I default and can not recover I still keep all deeds I pulled out so this house is MINE (soon).
I can pull my next home out 2/2016
Homes paid off 4/2018.
3 1/2 years left on the 6 homes agreement. I will breather easier once we are half way there.October 2016.. is the half way point.
No loan news yet
Job interview tomorrow in Oakbrook. Fingers crossed!!
On a 'high' note. I got approval to work 5 extra hours a week for the next 3 weeks. at the 2 week mark I will see if I can get it extended or increased. I think I only get paid straight time for 'overtime' so if I do 15 hours extra over 3 weeks I can expect to NET $653 more than normal.. will see if I can increase that or make it the norm
1.. Interview next week for a closer to Naperville job
2. Still waiting to hear on that work at home interview I had last weeek (interview was harder than I had thought so although I was 'strong' it was not my best interview. had a very bad cold.. speech was worse etc)...waiting to see if I get called back for a 2nd phone interview (only 3 out of 10 do)
3, and still waiting for first interview on that other work at home job I REALLY want
Praying for a work at home job. feeling swamped and stressed and rushed most of the time w a 3 hour commute each day.. crazy..and need to get more fall/winter work clothes if I keep this job much longer.
Expecting to hear on the loans by mid next week. excited.
I GOT the appraisal from the first bank that the 'bad broker' went too.. ( this is good news.. the broker was holding it 'ransom' for his fee) and had to file a criminal compliant for extortion against the broker. he was threatening to disclose personal information unless I paid him his 2 points even though he did not get the loan. Cops called him and apparently he agreed to stop and told them he would file a civil suit. he has no case. I called the bank and they also said the loan was not approved
Need to increase my rental fund back up and take care of these expenses.. fund is going down to approx $10k an still ahve 1 roof and some other stuff pending.
I DID drive out to those 2 homes that are side by side and was THRILLED w the condition of the homes...with the tenants everything. I will take one of those homes as my first fully paid off deed'.. tenant was talking about wanting to plant a garden etc.
November (how the pay checks work out ) I should be able to save or 'use towards the rental emergency fund' almost 2 full checks $3600 so that should go a long way. determined to save SOMETHNG every month towards my general investment fund.. even if only $100 or less
and have some interest in my cage bank.. will send pix to the person.. try to get $2000-2500 for it and have other stuff to sell too just been SO SWAMPED w this job. What a crazy idea it was to take this (they did say I would have more work at home) but STILL
But at least I have a paycheck and these 2 loans look like they can wrap all costs in the loan which considering the lower rate /amortization will pay that extra portion off in very short order
We shall see
Put $900 is savings today.. finally getting back into savings...should hear on main refinance loans the end of thsi week or early next week. Fingers crossed.. All stuff in so nothing to do but wait..
wish i was not so wipeed out from work.. after work I do essentially nothing.. trying to change my eating to see if that helps me be more energetic.. also trying to restart working out.. even if 30 minutes a day..
Appears both loans can wrap the costs of the loan into the loan. which saves my emergency fund.. conventional loan would pay for itself in I believe 3 months.. other loan less than a year. praying for the conventional loan to go through
AND fannie mae/freddie mac are looking to loosen loan standards more (in the news) so thinking something has to work out soon
Got home from Florida w a cold.
Here are the updates.. diarying for now.. hard to get to a plan until this loan comes through.
Main home refinance. i am pursuing two options simultaneously.
5/1 arm 5.6375, 2 points..
15 year CONVENTIONAL..3.675
News on BOTH next week and then proceed to appraisal. Both gave me the 'ok' on prequalification. now going to underwriting. Conventional has to be manually underwritten.
Old loan broker who wants his fee even though he did NOT secure me a loan is literally threatening me via email, text and phone saying he will send out a mass email to my work and contadcts (on my application) that i am not paying him and are in breach of contract. Talked to several people and we are in the process of reporting him.. seems like this guy came unhinged!! Glad did not go through him. Also notifying hte licensing entity and the bank he was trying to go through. he is forging documents etc trying to make it seem 'I was approved'. Attorney recommending calling bank Monday and we will . CRAZY!
Anyway.. PRAYING for the conventional to turn out.. payment would be approx $3100 with taxes and insurance. I pay $2970 now WITHOUT taxes and insurance. Loan would pay for itself in 2 months!! all the rest is gravy
So looks like I will get A loan (somewhre) by the end of the month.. or have it settled..
Had a phone interview last week .. went ok.. panel interview for a work at home job.. hear on if I get called back (another phone interview)next week... other than that all quiet on the job search front..and entering the job dead zone pretty soon here.
Glad I have a job and figuring switching again in the middle of a loan app is not a good idea to so ok w the fact that I have not found one yet but want one soon.
6 homes, 3 units all filled and feeling like they are in better shape now. more confident from having gone though some rough times.. units and homes rent easily and for a good price... they are small and basic so not super expensive to fix up.. will switch 3 units to 6 homes property manager next month.. they really seem like a good long term monthly income source.
Only have til April 2018 to go on the 6 homes payoff . 3 years 6 months... getting those paid off wil be a HUGE relief (and should start netting me $4k a month once paid for. but was planning to put that towards that 3 units which will get those paid off 5/2019). things are tight and risky w the 5 year contract on the 6 homes and early payoff on the 3 units.... not a lot of room for error in these first 5 years at all and I consider myself blessed and fortunate that I have a high paying job and have had no job breaks.. Thank you God.
Auto saving $250 Monday and will try to put another $1000 in there but need to rebuild the rental fund. can not have any risk w the 6 homes..
Still holding on to that missing mortgage payment for the 6 homes and will send that once the settles.
Still waiting for motorcycle guys $6k which will go directly to the rental homes emergency fund which is about to be depleted by almost 3k for the fix up work on the last vacant home we turned over. But good to get these homes all up to standard shape
Turned 44 the 15th. 6 homes wil be paid off when I hit 47
Got a loan approval on that 5/1 arm, 2 points, 30 year am
Rate is 5.375 (higher than I thought.I took a hit for some things.. 3 foreclosures vs one etc)
Anyway they say they CAN use my existing appraisal and can close by month end if I can get my stuff in Monday ish next week. Broker is refusing to give me the appraisal at this point.. new lender says he has to by law I(if I paid for it which I did )and will call the bank for me if need be to get the appraisal.
Of course the final approval will happen after stuff is submitted but this is positive news
this will reduce my payment to approx $2550 (INCLUDING taxes and insurance). Now I pay $2970 NOT including tax and insurance) so big savings
However I am waiting to hear on the conventional option and expect news on that today or early next week .If conventional IS an option I likely have to wait til March, 2015 (to have a year of payments on the loan I have now)
If conventional is an option I will wait and do that. if it is not I will take this 5 year arm to get me to the time when conventional IS an option but really thinking I can do it now.
Leaving for Florida this weekend w my boyfriend..see his daughter and grandkids
No job news
6 homes going great.
3 units. looking to transfer property management to the 6 homes guy next month. .still evaluating.
I can officially pull a free and clear home out of the 6 homes deal this month.. I will work on that once the loan gets firmed up
Set up an auto savings of $250 each month. .will expand that once home, and job and rentals calm down. I am trying to save $1300 this month total.
Main home refinance update
1. JIm (broker #! w 5/1 arm, 6.375% rate, 6.375 points) is still threatening me for his fee.. I have not spoken to him. He again says I am 'approved' but will not send me any paperwork to that effect unless he gets paid
2. other guy with same type of loan. 5/1 arm, TWO points, 4.5ish percent. He says I was approved, and is sending me documentation of exact rates, costs etc today. They say the lender can do 70% loan to value but approval read MAX 58% LTV which is too low. I explained this to the guy and he said they simply echoed the submittal where he said the house was 58% LTV but is confident they will go higher but he will check to make sure they will go higher. NEWS TODAY. This guy can wrap all costs in the loan.
3. NEW POSSIBLE SUPER AWESOME NEWS!! New rule.. fannie mae..'if you have filed for BK Chapter 7 on mortgages that were later foreclosed on (ME!) they start the waiting period from the Bankruptcy dismissal (in my case 8/11) not from the foreclosure date. This means that with extenuating circumstances (which it appears I can prove) I can effectively DO A CONVENTIONAL LOAN NOW!!!
Wow.. lower costs $1300-2000 costs, 4.x rate, 30 years,, 15 year is at 3%. NEWS TOMMORROW. Broker is going through a local bank and apparently they are deciding if the BANK (not fannie mae) wants me to do 12 months loan payments on my hard money loan or they can do this now. I need to 're-establish credit' which I may have already done w the car, and other things.. and they pulled credit and I have a 706 credit score! WOw
So. if hte conventional loan comes through that is what I will pursue and get
In for 4 more jobs. one work at home at $65/hr. I NEED a job now.I have no fall winter work clothes so pretty soon need to get some if a work at home job does not come through.
and I read someone's post about SMALL fun goals. until this loan is figured out I can not put away large lump sums too readily so will think of some small FUN goals money wise today so I still have something to strive for and achieve
Today I work at home.. so will catch up on 6 homes, 3 units and setting some small goals.. I so much want things to stabilzie and feel w this loan I am almost there.
BIRTHDAY.. 44 years old.. the 15th..
Main home refinance update.
1. have not heard from that broker after he emailed me that he was doing no more work on my file unless I paid him his fee up front. He was at 6.75 points, 6.375 rate, 5/1 arm
*I decided not to worry about that.. got too much other stuff w Dad and getting a loan, so i have not contacted him since*
1. FHA loan..Looks like I can prove continuity of obligation (title is currently held in an LLC) to do a refinance. House is in a single member LLC w me as the sole member. Also looks 'good' for meeting extenuating circumstances. I am doing a mini-submmittal to get a real underwriters opinion. IF this loan looks good I may be able to wait for this and go straight from my hard money loan to this (need 90% certainty though to wait t hat long and cut it so close)
2. one day out of foreclosure loan (this is the SAME loan that broker #1 was trying to do and then got crazy).. Anyway new larger broker FIRM (not single guy) I submitted a mini application w credit. He is sending it in tomorrow to see if we get a pre approval (he thinks we will).. news next week Wednesday.. estiamted rate less than 5%, 2 points, 5/1 arm. this broker does VOLUME in this kind of loan. they require 12 months PITI in LIQUID funds.. that is going to be a stretch and they may be able to use the appraisal I just had (but the 1st broker is specifically refusing to help me so not sure I can get it from him.. may contct the actual lender agent he was working with. THoughts??)
No job news.. applying for one more but things REALLY slowed down
6 homes going AWESOME.. got an awesome tenant for that vacant house.. costs being contained I am working so much better w the PM. the break (switching property managers) even though it cost me was a good learning experience!
Meanwhile 3 units.. I am looking to see if 6 homes guy want those too.. we just had a tenant vacate a unit and the current PM inspected it (for $40 extra fee) and says the unit looks PERFECT but yet she wants to spend almost $1500 fixing it up for paint, recaulk tub and hang blinds. Unit is 500 sq feet 1 bedroom.. Costs seems insane. I have her for 1 more month so I got a hold of the estimate and am contacting the contractor.. I need to understand if it is so perfect why do we need to spend $1500.. repainting the whole unit seems crazy.. ceilings too.. but I do not know the exact condition... will get more info tomorrow...and the same contractor painted a whole house for $1500 (3x the size) these rent for only $585 .. but I thikn they can go for more. .just riding it out.. do not have a lot of energy to expend on this right now. will call contractor, find out condition, talk to PM, make a decision and get it filled.
I see Dad over the weekend (stroke).. been stressed and swamped
Prayers for good loan news in the next several days and ENERGY and PEACE!!