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Abidlaz, Home Buyer in Philadelphia, PA

i own a building that has two units attached to each other,separate deeds, i did not convert the property ,i bought them two years apart in mass.

Asked by Abidlaz, Philadelphia, PA Sat Sep 15, 2012

financed by wf and chase,i have a problem refinancing by both lenders,i was told that i own 100 of the building,owner oc rate is to high.can i sell one to my wife?or any lender u might know would do this type of a loan,moreover it is structured as a condo with condo association,and i dont have that for the fact that i own both.any advise plz

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3
Heath Coker’s answer
There must be a local bank - not a national lender - who will lend on your property.

WF and Chase are usually not the lenders they are usually just the servicers who are managing the collection of the payments.
A Refi might end their servicing agreement with the actual owner of the loan and affect their income.

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0 votes Thank Flag Link Fri Nov 2, 2012
It would be a good investment to speak with a real estate attorney.
0 votes Thank Flag Link Sun Sep 16, 2012
I don't understand are you living in one of the units? Are they both rented and the two condo's are investments?

You owning both units should be a positive to the lenders not a negative assuming that the properties are in good condition, get a good rent, and that you have the financial capabilities to handle the loans you are looking for.

You do not have to pay a condo fee to an association unless both parties (you) can't agree on the operating and expenses of running the association ie: common insurance, maintanance, repairs etc.

What communty is the property in?
0 votes Thank Flag Link Sat Sep 15, 2012
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