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Wells Fargo

This topic contains 6 replies, has 0 voices, and was last updated by Avatar of peter@amakya peter@amakya 4 years, 9 months ago.

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  • #6884
    Avatar of peter@amakya
    peter@amakya
    Member

    BTW where is everyone. Where did you guys go?

    In view of the New York Bankruptcy Court Ruling – MERS Business’s Model is Illegal, since then I have been set upon by Wells Fargo on practically every trust I look after!

    In the past few weeks has anyone noticed an urgent call seems to have gone out to the banks marketing departments to re-negotiate the old loans? The hook being lower interest rates.

    If this is done the past MERS issues will become a moot point, the new note obligating all the wrong doing.

    My view, great, we get a chance to get lower costs on many of the underlying loans.

    Here is the long read
    http://www.huffingtonpost.com/​l-randall-wray/​new-yorks-us-bankruptcy-c_b_824​167.html?view=print&comm_ref=f​alse

    BTW where is everyone. Where did you guys go?

    #34031
    Avatar of spunky
    spunky
    Participant

    Hello,
    As investor beneficiary, i know that property must be taken out and put back in trust to refinance. I have power of attorney for the settlor beneficiary
    Is there any way to refinance two loans with Wells Fargo which are in Nehtrusts without having to sign personally or to submit personal information or to purchase the property?

    #34032
    Avatar of peter@amakya
    peter@amakya
    Member

    Provide the numbers work in your favour, then it is no big deal to finance in your name. You then open a few options which maybe hugely advantageous to your retirement pans, amongst which a house can be rented for the long term, producing income for years to come.

    The basic number for a rental to be a good profit center would be to take the rental income divide it by between 1.6 and 2, let’s take 2 for this example and multiply by 100. That would be the number you would be financing. Do this and the second rule of thumb begins to look attractive. The second rule of thumb, control 20 properties on the above basis and you are retired!

    #34030
    Avatar of spunky
    spunky
    Participant

    Does anyone else have difficulty loggin in?

    Peter,
    I don’t want to take on the Settlor’s debt. I like control without it. I am just trying to figure out how to change negative cash flow to positive.
    Have you personnaly refinanced one of your NEHTrusts, with you as investor beneficiary? Please tell me the name of your lender who understands these trusts with EHC.

    #34029
    Avatar of peter@amakya
    peter@amakya
    Member

    The whole premise of the Trusts is to take control without being on the note. The down side is very often one leaves transactions that pay big time. Houses are available at 50% of FMV and to finance these it the trick.

    Now back to your deal. If by setting up a new loan will change the numbers wherein you can make a reasonable profit, why turn it up?

    The bank I have used is Well Fargo and I’m in the process of doing a few within them. Why? Well the properties have been in trust in some cases for 10 years and the LTV is 70% and the existing interest rates run at 6.5 to 8.5%. A new loan brings the payments down and that generates as much as $300 per month per house. That is equivalent of finding new trust house.

    As I said, if you can do it, why turn the opportunity away simple because it does not fit your existing business model?

    #34028
    Avatar of buzzbox
    buzzbox
    Participant

    If property can be acquired at 50% of fair market value, it seems to me that how legal and equitable title is being held, probably is moot for some lenders. They have a 50% equity cushion to soften the risk, assuming the LTV is at 50% also.

    If one is trying to convert an existing negative cash flow position to positive by refinancing to obtain smaller monthly payments to achieve it, they first need a cooperative lender and sufficient equity for it to make sense. Then, if the lender baulks at the idea of title being held via a land trust, the property must be conveyed by the trustee back to the original settlor, who then executes the new note and after closing transfers back to the trustee. This is course assumes that the settlor is available and willing.

    In my opinion, the IB should stay out of the public record and not directly apply for, or execute any loan documents, in order for them to preserve privacy and enhance asset protection. So what do you do if the settlor won’t cooperate, you are not prepared to sign and the lender won’t help? I’d try other lenders.

    On the other hand I wonder why there’s a negative cash flow – has the RB fled the transaction, or is this simply a rental property and there is no RB or SB any longer?

    If they are both gone then a more creative approach is needed. Here are a few thoughts:

    -Can a new RB be found to solve the cash flow problem or is that not workable in the present rental market
    -Can an additional IB be brought in to offset the negative cash flow, and/or to substitute for the original settlor SB, and thus sign on the new note.
    -Can a lender be found who will do a non-recourse investor type loan. If so then an LLC can be formed as the borrower to make the loan application and execute the doc’s. The IB could form and own the LLC as single member entity.
    -Can the lender make the loan in exchange for an equity position or for some of the future appreciation.
    -Can the property be short sold or traded profitably

    #34033
    Avatar of spunky
    spunky
    Participant

    Yes Scott, you understand my question.
    I have 3 trusts to refinance and the settlors can not qualify. I paid their arrearages at the beginning when I started paying their NNN . Can you broker the refinance? If you can’t, can you recommend a NARS friendly lender who will do any of the other excellent suggestions in this thread? Is John Acquisto still working for NARS? Who replaced him? Please recommend a lender who will help me refinance and do any of these things.
     accept title being held via a land trust.
     will allow me to sign using the settlor’s power of attorney rather than signing personally. Then My LLC and the RB could cosign if necessary..
     will consider a non recourse investor loan, or maybe a commercial loan and bundle the three trusts..
    .
    Connie

    #34034
    Avatar of abekrister
    abekrister
    Member

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