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Viewing the 'Short Refinance' Category: 5 years to Freedom
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still sowing, but no seedlings yet, 6 homes, job, loan update

August 26th, 2014 at 01:31 am

Just diarying again

VERY tired..

1. no loan news.. hopoing to hear soon
2. no news on jobs but got wind of a PERFECT fit (project manager liaison between a major bank and my old company) only issue is it is downtown but looking at it anyway.. maybe it is only 1 day downtown .. they say I may travel between 3 offices. one of which is in Naperville. i am redoing my resume right now to fit this perfectly but this would be a dream job, fun, have contacts, and I know I can be a success and pays the same or more than where I am at $65/hr. I iwll not make the same mistake though of taking it if it is too far.. there are jobs out here in or near Naperville or work at home.
3. 6 homes.. positive feelings and news but no results yet. I want results and to REST.. having all this in the air makes me tired, hard to sleep etc and constantly doing job search/loan stuff at night..Talked to property manager.. he is setting up a few showings for this week (showings this weekned did not turn out.. ) also he got a call from someone who wants a short term rental.. some insurance case (fire at his house) and is looking at 6 months.. maybe more. He can pay a premium and since living in a hotel can move in right away.. a 6-9 month lease would put me in a MUCH BETTER time of year to rerent so we are considering it..PM is following up for details..ALSO got news on the non paying renter.. she is moving out this weekend, plans to pay a few hundred on move out day and we will try to sign her up for a payment plan. these are all words right but sound good. PM already has folks lined up for next week to do a quick fix up of that house and then will immediately look to rent it. As house next door is vacant now too we really want to fill that so the two do not compete against each other.

About it.

Praying for good news and closure on something.. (good closure)..

Customizing my resume for thsi job and then off to bed to read to relax.

I closed on the house!!

January 31st, 2014 at 11:35 pm

Hi guys.

I CLOSED ON THE HOUSE!!

Exhausting stressful day ( was working on last minute things all the way up to close).. but I now own the house.. on my own and it is no longer in foreclosure

Loan $297k
Value (after real estate fee) $488k if I were to sell

Has not sunk in yet..but it will in the next few days or once I can sit down and relax.

Thanks for all the advice and support. I could not have done it without this forum.

This marks the last big thing to get rid of or to clear from the 'downfall' years. the 2 flat will fall away on its own and I will start to contact folks (esp that one guy) in about 8 months once the 2 flat drops and I have gone past the 6 months prepay period.

Smile

I am excited to start new plans and ideas now (but after a weekend of rest).. Wow!!! The loan came through.

Rachael

House update-closing tomorrow

January 30th, 2014 at 11:43 pm

Hi all.

Closing tomorrow at 1pm central time (but still do not have closing docs. they say they will send tonight or first thing.)

A little anxious.

Will take out $21850 in cashiers check for closing
$17850 points
$4000 misc unknown costs (hopefully less!so get to take some of this back)

On a high note the old lender has paid my insurance for a year and is not asking for a refund so insurance is prepaid.

I will put the rest of my savings in a tax escrow $10k

I get paid tomorrow too

First payment on the new loan March 1.. $2970

Need to exit that loan asap.. yearish

OTHER NEWS

i am seeing a financial advisor tonight (set up after reading Tasha's post) bad night for it as I am wiped but still going..

I will grab a book on the way home and am seriously contemplating taking tommorrow off as sick, partially sick or work at home. .. really want ad need a 'break'. I just want to feel I can 'sit down' and relax.

I will update after close and feel excited when I can say 'wow I really did it' once I am complete w that.. has not really sunk in yet.

thanks for the help. think of me at 1 central.. prayers no more issues crop up.

House update..done deal?

January 29th, 2014 at 10:47 pm

House update.. BPO guy called.. set up for 5pm. cancelled at 2pm. called at 4 rescheduled for same time.. cancelled at 4:10

Broker called and got in touch w lender. they just want to go with $297k.. Settlmement is $297,500. They rounded down. I asked broker if they would go higher. he said unlikely for them to go over settlement

So cash needed is approximately

$17820 points
$4000 (other costs??)
$1060 insurance
$10000 tax escrow
=
$32880

Talked to my CPA friend .. he suggests I DELAY closing til next month to save on interest.. lender wants to close FRIDAY (maybe they are not aware of extension or have some month end target)

I talked to broker in 30 minutes ish (after I talk to my friend for what words to use) and will ask if we can close in 2 weeks..

Whatever date we close. I will ask my Mom/Aunt for assitance. Aunt had previously 'pledged' $7000 but (as you recall ) loan fell through so never got it. She may help w that again or not.. Hopeful!

I have $30,000 (but can make up tax escrow on next check. you will see I am $3000 short). Tax escrow goes to me.

VERY TIRED. I want to be excited but still rushing around.. excitment will come after the dust settles I think.

More news today. Broker sending letter of intent and then loan docs in morning. I need to pay for insurance and get that set up tomorrow.

BROKER just sent letter of intent and it says 'closing date 1/31 time being of the essence'. I will still request a later closing date.. even next week.. I have taken so much time off work, have the extension and want to extend the time I pay no interst..

More news soon. thanks for the help guys.

News from lender-not super awesome

January 29th, 2014 at 12:13 am

Guys

news from lender. not super awesome

raised value to $420k (hellooo)
new loan amount $273k

with payoff of $297500, points, fees, tax escrow I would have to come up with $54880 to close

Broker was 'disappointed' and already asked lender if they could go up to 70% LTV>. (no response yet) but resulting loan would be $294k and I would need $35640 to close (with payoff, points, fees, tax escrow)

CRAZY!!

Had another (last one I am calling!!!) lender say this was impossible

Because a thing seems difficult for you, do not think it impossible for anyone to accomplish. - Marcus Aurelius

Broker called back.. "lender wants deal' they are ordering ANOHTER BPO (their cost).. tomorrow .. and will go w that value or $440-450 whatever is MORE but only 65%

Praying for good news. I am in SERIOUS NEED of good news.

Called realtor who did my report.. asking for thoughts on how to deal with new BPO guy... . would love it to come out at $47-$480 or MORE.. need to retain cash.

News soon. Thanks for pulling for me

House update-maybe some good news

January 27th, 2014 at 08:51 pm

Hi all

House update

Realtor appraisal ( very well written and substantiated)

List price $550k
Sales price $515-$525k

Wow! Average price in subdivision $575k in past 6 months

AND

bank who owns mortgage/house now gave me an extension til 2/28

My broker sent the appraisal to the new hard money lender and we await the (hopefully) increased loan value. Settlement w old bank is $297,500. Lenders points are 6. Interest rate 12%. I have $33k and the potential to raise $5-15k more. Any overage I decided I will fully fund the 'rental emergency fund' so that is at $15k

Prayers!

(for those who asked I have no other option to keep the house except to settle out w the bank.)

Update-broker called

January 25th, 2014 at 11:33 pm

Update.

Broker called. He is at some lenders convention in Dallas and the PRESIDENT of the company we are going through for the loan was there and they had lunch. President said they really liked the deal, neighborhood and the house and will Definately look at realtor report.. also said he may go to 70% to do the deal. Realtor sent me a text asking for my email addy and is sending me questions tonight for his report. Target for his report Monday 3pm


I want $312k.. 65% of 480k or 70% of 445k

This means I only have to come up with $7-8 grand and $10 k tax escrow (that I hold) and $1060 for insurance.

FINGERS CROSSED and prayers.

Payment tho w $312k is $3120.. need to exit loan asap!!! (but looks like have to hold it a year).. need to get rid of that 2 flat and continue to verify the loan requirements for my exit lender so I am sure to meet them.

312k at 7% is only $2075 or 6% $1870

Rachael

Email sent to my broker this am (waiting on realtor to drop by)

January 24th, 2014 at 07:16 pm

Mark (this is the mortgage broker),

It is my position that the BPO should not be seen as relevant. Guy was not local, was unfamiliar w the area, has very little experience pricing and selling homes as a whole and all the homes he did work on were lower priced short sales. He also admitted to me he could not find enough relevant comps and the report itself contained major errors which either indicate lack of knowledge or extreme carelessness. I am unclear on which one or both as some of the errors do not make logical sense (it is not logical to think having more than twice the lot size is worth $480 more or that square footage can be adjusted at $10 a square foot ). This guy got so lost on the way to the home.. I had to drive to meet him 'where he was' and lead him to the house

Major errors exist in his report such as
1. comps from different zipcodes, totally different neighborhoods, different school districts. "comps" were not relevant
2. undervaluing lot size (adding $480 for a 1/4 acre lot size difference, for example)
3. mis-stating relevant facts on my home as well as other homes
missing fenced yards, finished basements, updated items, major improvements
mis-stating lot size for my home and other homes
listing a 'crawl' as a full finished basement
average rent on the home is $3200, not $1200
4. adding square footage adjustments at the value of $10 a square foot
5. some comps were frame (vs brick) with no price adjustment
6. failing to account for updated status of my home as compared to other homes
My home has new kitchen, baths, tile, expert finished basement. Many comps had brown VERY old vinyl, old cabinets, kitchen (evidnet in pictures easily available online)
7. using 'distressed sales' as comps including one auction sale and short sale properties

As you are aware I have asked one of the top realtors in town to come over today at 12:30 to give me a fair value of the home. I expect that value to be around $470-490k but will wait for his report. I will ask him to substantiate the value with comps and whatever else is necessary to send to the lender to revise their value.

I still do need to close by 1/31

Thanks for your help. It is really appreciated
Rachael

BIG HICCUP in plan-LOW BALLED BPO

January 24th, 2014 at 02:36 am

BIG UPSETTING NEWS!

I was concerned w the BPO guy.. he was from over an hour away, lower working class town and got so lost on his way I had to drive to get him and I did not connect with him personally very well, but I still thought the house value would be clear to him w the comps I had, homes in area etc..he did not take hte comps or info though

He MAJORLY LOWBALLED THE BPO!!!!!!!!!!!!!!!!!!!!!!!!

MAJORLY

He put the house at $397k (the bank I am buying it from even had it higher -at $430k) . I have the BPO and he used homes in different ZIPCODES, frame vs brick, totally outdated etc.. no finished basements and differnt neighborhoods.. not similar neighborhoods at all... I called him on it and he said 'I could not find comps and your comps were miles away"

My comps were 1.1 miles away and he is an idiot.

Anyway.. long UPSETTING story short.. my broker thinks this guy is an IDIOT (I AM SO UPSET I HAVE ONLY A WEEK LEFT ) and he will talk to his lendr tomorrow and suggested I have a realtor dispute the comps. He will tell the lender I am doing that and will have it shortly. I called the best realtor (or most well known) here in town and he is coming over at 12:30.. on a coincidental note he lives in the same subdivision and was shocked by the BPO price.. and he knew the house (from the outside)

He comes at 12:30 and will write something up soon therefater

Broker says he has seem low BPOs before .. but none so poorly done or so off. He has seen them disputed and values increased though . This guy put $500 for the difference between a .16 acre lot and my .67 acre.. did not include all sorts of stuff.. jsut VERY BAD...I looked thsi BPO guy up online and dug up all sorts of bad things on him too.. I AM SO UPSET.. can hardly talk anymore.

I am going to neaten up the house again (pretty neat from the other day) and read and go to bed.

Onward

I WILL get this house damnit! and I need to get this loan firmed up ASAP

Business loan fell through
Low rate person fell through

Got 1 lender w 7 points, 18 months, 12 percent, wants an appraisal first and can not close by next week
and 2 at 12% ONE YEAR.. also want an appraisal..and can not close by next week

I need to firm up this 'bird in the hand' immediately.

Thanks for listening and the support.

Rachael

update on house situation #9

January 22nd, 2014 at 09:36 pm

Ok.

BPO guy just left.. hoping for $470-480k. I should know TOMORROW

Low rate lady was not able to come through
Referred me to 2 other guys (1 has not called, 1 is at 13%)

Got other acceptances contingent on my sending in various things but n one less than 12%

Have not had time to submit all info for business loan.. will submnit today or tomorrow

providd they increase loan to 65% of whatever value BPO comes out at , if house values at

$470k. I have to come up with $14k + $10k tax + pay 1 year insurance

$480k.. I have to come up with $8k + 10k tax + 1 year insurance

Hope to hear TOMORROW

I want to get a firm approval, amount and close date

Title in works

if house value at only $450k I have to come up with $22,900 (OUCH)+ $10k tax + one year insurance

PRAYERS.

I showed BPO comps, pictures of house before I bought and after and a list of changes I made . he said he was not able to 'take anything' from me so just 'viewed info' and left it

he said he felt 'ok' w value if comps were within 1 mile or so. I have a ranch so hard to find comps as their are less ranches but my comps are between 1.1 and 1.7 miles away

Fingers crossed!!!!!

update on house situation #8

January 21st, 2014 at 11:40 pm

Update

BPO TOMORROW at 2pm. trying for $470k
orderd title ,, takes 2 days
good call w LLC loan folks.. lots to fill out and submit

NO NEWS from lower point lender (although she did ask for more documents)

I want news from her.. feel 6 point guy is just too much cash!

Wish me well on the BPO..

Realtor was in same area code but not from a large office or one I knew.

Thoughts on how to make the house appraise higher ??(outsdie of comps which I have)

Thanks
Rachael

update on house situation #7

January 21st, 2014 at 12:27 am

Hi all. Update.

Not as much news as I had hoped but one more day gone.

Today was a bank holiday so banks/lenders not open.

I did not hear from the 4 point person (she was off)

tomorrow
1. set up BPO for this week.. asap
2. order title (assuming the close) $5-600
3. conference call with business lenders.. 5-9% (but may not be able to close in time).. expect no final word from them until Wed or so
4. hear from 4 point person

I REALLY want the 4 point loan . I do not want to have to come up with all this excessive cash when I do not have the 'rental home emergency fund' fully stocked at $15k and being so close every month .. just lots in the air.

Exit plan.. got a lender who can loan at 2 points over whatever the 30 year rate is at hte time.. when I have owned hte house for a year (so year and a day).. provided my score is 640+, the foreclosure situation is CLOSED in someway.. (short sale best.. sold is worst but just closed).. Costs would be almost normal loan fees.. no points and can do 30 years. This rate is NOT high because the only other potential loan is FHA and their premiums, fees are so high that 2 points higher is still LESS than them. Besides it will be hard to qualify for FHA in a loan.

Either way I have these loans for 2 years but need to get out of them asap

so . say if business loan comes through (5-9%) and is longer term.. 15 years. I will just refinance right away (actually after 6 months).. hard money folks have a 6 month prepay penalty

Onward.

I am proceeding with ALL loans at onnce so I am sure one will work out by the 31st. 6 point guy is confident he can close by 31st and nwo that I understand what it takes to close. I think 4 point person can too (if they accept me.. helloo.. need to know that asap) and what the house value is and loan amount.

I will withdraw $30k from Barclays tomorrow to prep fr close. I need final amount asap.

update on house situation #6

January 19th, 2014 at 10:01 pm

HI all,

update.

It looks like 12% is the rate I will get. No one has beat it.

TOP 2
1. 12%, 4 points, 2 years(that is a verbal,. they are still reviewing, formal offer Monday. Thsi is being house underwritten so may be able to stretch loan to value some which is a BIG plus. see below)
2. 12%, 6 points, 2 years

I also have a business loan application in the works (LLC real estate busienss.. sortof a long shot but if it it works I have NO POINTS and 5-9%) I am getting help on that and will not know for likely a few days or a week

Plan
1. proceed with loan #2 to BPO (brokers price opinion).. same with loan #1. I need as little down as possible.

I initially had the loan amount as between $292,500 and $297,500. Problem was I had NO IDEA points or closing costs would be so high (now I know). That is approx 65% of a house value of $450k. I do not feel comfortable coming up with 4-6 points, $10k taxes escrow and potentially $4k closing costs... (see my side bar I have essentially $30k) and my personal and rental escrows are not at full amount yet.

(I am figuring tax escrow because there is no way I can escrow $8-900 a month for it.. so I need to set that cash aside up front)

PLAN. I pulled comps again and have comps at $470= (real comps.. not stretching it). I have asked lender 1 and 2 and to see if they can either go up to 68% of $450k or 65% of $470k. rthat is approximately $305k. I will have news only after the BPOs (realtor comes out and give value of house) this week. If they can do that (increase the loan amount) .. the 4 point person nets out to a cash down of $7500 (points/cost overage), $10k escrow, $1030 (pay insurance a year up front. they require it).. 6 point guy comes down to less than $30k

I have paid for the BPO ($250) for lender #2 and will set that up asap. And call lender #1 Monday for news.

Fingers crossed

My mentor say the only way he can help me on such short notice is to buy the house himself and lease it back to me (no way!)..and at 13% interest and unknown costs.

I do have my exit plan fairly well cemented.. so I only need the loan for just under a year.

More news Monday (and hopefully 4 points people come through. they are doing a CMA now and if it is strong enough will not need a BPO or appraisal)


I am still in the game. Smile