Home Forum Contact Create an Account Sign In Create a Trust

Credit partner needed. $361k FMV w/$227k owed. HELP!

Home Forums General Deal Makers -Ground Partner Request – Investor Needs – EHT Opportunities Credit partner needed. $361k FMV w/$227k owed. HELP!

This topic contains 39 replies, has 0 voices, and was last updated by Avatar of red12 red12 10 years, 11 months ago.

Viewing 15 posts - 1 through 15 (of 41 total)
  • Author
    Posts
  • #4637
    Avatar of red12
    red12
    Member

    I bought this house to flip at 63% LTV including repairs. Long story short, My I/O HML is about to run out (6/1/2008) and the house is still here. Contractor evaporated about 3 months ago after using all of the repair funds and about $25k of my money too. I’ve had people interested in it as RBs but w/o permanent financing in place, I really haven’t been able to pursue it. The unsecured debt that I ran up has really dinged my credit scores so I don’t think I can get it refinanced on my own (I haven’t actually tried, though.)

    I’m looking for answers/suggestions/partners to pull me out of this mess. The house is 99% complete and I’m finishing it up.

    If you’d rather speak privately, call me at 228.623.5648

    Richard

    #25077
    Avatar of red12
    red12
    Member

    Bump TTT

    Anyone?

    #25078
    Avatar of scott
    scott
    Member

    I plan to advertise for “Lazy Landlord Training” (credit partners). The credit partner an I get the good stuff (profit centers) and the RB gets the bad stuff (repairs, payments,taxes). Thanks to the DTI letter, you can help your lazy landlord get a house every 2 or 3 months. The great thing is your lazy landlord can be local or nationwide.

    post script: The RB will gladly take the bad stuff and “play house” for a few years until they become the homeowners and get to have the bad and the good stuff.

    #25079
    Avatar of sstanton
    sstanton
    Member

    Scott,

    If I may ask, where do you plan to advertize for your “lazy landlord training”?

    Stu

    #25080
    Avatar of scott
    scott
    Member

    @sstanton wrote:

    Scott,

    If I may ask, where do you plan to advertize for your “lazy landlord training”?

    Stu

    That is what I need to brainstorm next. free, cheap, effective, internet, small papers, newsletters :?

    #25081
    Avatar of red12
    red12
    Member

    Loan has matured and I am desperate! I have a good RB prospect but have no permanent financing to make the deal work.

    Anyone?

    Suggestions?

    Cyanide?

    #25082
    Avatar of cash
    cash
    Member

    Do you still need help?
    If yes I can help you.

    #25083
    Avatar of red12
    red12
    Member

    @Cash wrote:

    Do you still need help?
    If yes I can help you.

    PM sent.

    #25084
    Avatar of red12
    red12
    Member

    Well, after more than a year, I finally have an offer on this albatross of a house.

    I don’t know how much the bank will settle it for (I’ll try to find out tomorrow)but the original loan amount was $227k. When the loan matured they started adding interest at 18% so it grew considerably. The original bank (Ameribank) was taken over by the FDIC. FDIC recently sold the loan to someone else.

    The offers are:

    Owner finance $189k with $50k down (I don’t have permanent financing so I don’t know a way to make any sort of Owner Financing work).
    Or:
    $175K cash.

    That’d be fine with me if the bank will accept that as a short sale. My only concern is the tax liability for the difference.

    Any suggestions, advice going forward are appreciated.

    #25085
    Avatar of salaguilar
    salaguilar
    Member

    What is your current payment on the loan. Who Owns The Note ? Have you had it appraised or done A BPO?

    #25086
    Avatar of red12
    red12
    Member

    @salaguilar wrote:

    What is your current payment on the loan. Who Owns The Note ? Have you had it appraised or done A BPO?

    All I had was temporary (constuction) financing. That loan has matured and been called due. LNV Corporation now owns the note. I called them today and am waiting for a call back from the agent who has my loan.

    Last appraisal was over a year ago at $360k. Current listing price is $279k. I know that a BPO appraisal was done several months ago for the original lender. I don’t know what the BPO price was.

    #25087
    Avatar of homesavers
    NULL
    Member

    @Red12 wrote:

    using all of the repair funds and about $25k of my money too

    25K of your own money! How did you get into that mess? Anyway what is done is done. Is this property going to cash flow at all if you shop it wholesale. Just flip it wholesale. EHT is not going to work since you have a balloon that is going to POP!.
    Sell to an investor or to an FHA buyer. Get rid of it in a hurry! Put it on the MLS in your area, NOW!

    #25088
    Avatar of red12
    red12
    Member

    @homesavers wrote:

    @Red12 wrote:
    using all of the repair funds and about $25k of my money too

    25K of your own money! How did you get into that mess? Anyway what is done is done. Is this property going to cash flow at all if you shop it wholesale. Just flip it wholesale. EHT is not going to work since you have a balloon that is going to POP!.
    Sell to an investor or to an FHA buyer. Get rid of it in a hurry! Put it on the MLS in your area, NOW!

    No cash flow. If I sold for what’s owed, I’d consider that wholesale priced ($130k below appraisal).

    I know EHT won’t help, just looking for some advice on what to do/avoid regarding the short sale.

    It’s been on MLS for over a year…

    #25089
    Avatar of red12
    red12
    Member

    Well, here it is almost a year since my last post and I still have this property. The mortgage has been sold repeatedly and I haven’t made a payment on it in well over a year.

    I am looking at any and all options at this point. It is not currently in foreclosure but that could happen at any point.

    #25090
    Avatar of sstanton
    sstanton
    Member

    Have you looked into the Mortgage Freedom System from LFC? That could solve all of your problems. Just a suggestion.

    You can DIY (Do it yourself) or team up with Dave S. and let him do the dirty work, so to speak.

Viewing 15 posts - 1 through 15 (of 41 total)

You must be logged in to reply to this topic.

Posted in
Contact Form
Your Fullname:


Email Address:


Phone:


Best Time to Call:


Subject:


Your Message:


Security Code:

 

Can't read the above security code? Refresh