Erica.rentals, Home Buyer in New York, NY

They said whatever my new payment was it didnt matter. What other options? The investor can change his mind any time and auction off my building.

Asked by Erica.rentals, New York, NY Mon Jul 22, 2013

I felt so pressured when i was signing the docs. It was all so rushed. No time to ask or explain. One guy there said, " what does it matter what the payment is at this point you have no other option". He meant i either sign and take this new loan with a higher payment and loose the building in a few months or dont sign and loose the building right now. I kept signing not knowing the exact payment amnt. But knowing it was going to be bad. They knew my rents did not cover that payment why would they go ahead and give me this loan? I feel scared. I know i still have plenty equity left. I want a new lender is it possible even if the loan is couple months old?

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Answers

4
Erica-

If you have Equity it may be possible to refinance even though you have been late on your mortgage. I have an in-house broker who deals with these type of situations. Please give me a call or email me so I can try to assist you.

Thank you,

Cheryl Friedman
0 votes Thank Flag Link Tue Jul 23, 2013
Erica,
Rule number one: Don't let anyone pressure you to do anything
Rule number two: if you do not understand, don't sign.
Rule number three: If you do not know what you are doing hire someone who does.
I think at this point you are definitely on number three but it may be too late. Hard to give you any real good advice without a lot more facts and details.
Oh, by the way, rule number four: Be careful with free advice, it is worth what you paid for it!
0 votes Thank Flag Link Mon Jul 22, 2013
If you have equity, you should be able to refinance, but you have not said in either of your posts what your rate/payment is. You may or may not be able to do better depending on current rates. Instead of posting bits and pieces on info about what happened to you prior, why not take steps to fix it by contacting an actual loan officer. You cannot undo what was done.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Jul 22, 2013
Erica,
It's possible. Most lenders are competitive; they carry same loan programs.
Have you thought about selling this property? Right now, it's a great time to sell. Koreatown is one of my neighborhoods. Feel free to contact me without any obligation.

http://DouglasPerez.pw
0 votes Thank Flag Link Mon Jul 22, 2013
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