Financing in Belleville>Question Details

Ajmurphy, Both Buyer and Seller in Belleville, IL

Looking for a high LTV investment refinance in Belleville

Asked by Ajmurphy, Belleville, IL Wed Jul 7, 2010

Hello, I bought a single family home in 2006 with a coworker and we lived in it until 2008 as tenants in common. We are both military so we were forced to move in 2008, but we were rather upside down on the mortgage and welling for a $30K loss wasn't an option. I purchased the house from him, even though he's still on the mortgage. Now I'm married and have been trying to get the house refinanced to get his name off the mortgage and put it in the name of my wife and I. The original mortgage was for $200K and the house value has dropped to $172K (estimate). It sat for sale for almost a full year before I gave up and started renting it out. That's been going great and now I would like to keep the property as a rental and hang on to it for the long term. I have worked hard over the past two years to pay down the mortgage to keep my equity positive. I now owe only $149K on the mortgage. Is there anywhere that I can go to get a 85% LTV for an investment property in Belleville?

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3
Paul Walker’s answer
I would try FCB Bank, Swansea IL FCB BanksFCB Swansea Bank Swansea 2610 N. Illinois St Swansea, IL 62226. Ph: (618) 239-9000. Lobby Hours: Lobby Hours: Mon - Thurs, 9:00 a.m. - 5:00 p.m. ...
http://www.fcbbank.com/locations.aspx - Cached - Similar

or Bank of O'Fallon - http://www.bankofallon.com
901 South Lincoln Avenue, O Fallon - (618) 632-3595

Both are usually pretty easy to deal with from my experience.

Hope it works out for you,

Many Thanks,

Paul Walker
618-409-0510
Realty Executives of Metro East
1109 Hartman Ln, #200
Shiloh, IL 62221
1 vote Thank Flag Link Wed Jul 7, 2010
Hi Ajmurphy, not sure if you purchased the property via a VA loan or not, but if you did a conventional Fannie Mae loan you may be eligible for a stremlined refi via the Making Home Affordable program which would allow a higher LTV. If the first is serviced by Bank of America I can research for you-if somone else and a non VA loan I would contact the servicer to determine potential eligibility. Please feel free to reach out to me w/ any questions, Thanks,
0 votes Thank Flag Link Thu Jul 8, 2010
Aj,

I commend you on your efforts to not only keep the home (instead of walking away from it), but also to pay down the balance to keep from being underwater. Unfortunately, I'm pretty sure all major lenders will only go to 80% LTV on a single family investment property. You may want to try a small local bank that may offer an in-house program. Good luck!

Michael Cline
mcline@peopleshomeequity.com
0 votes Thank Flag Link Wed Jul 7, 2010
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