Financing in Sacramento : Advice

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Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
I have an private investor financing my new real estate venture. What type of negotiating power (savings) does an all cash offer bring?
You get a significant edge when buying a fixer, especially a bank-owned fixer. Cash is also helpful in situations in which an appraisal may be difficult. But generally when a buyer' ... more
0 votes Share Flag Sat Sep 11, 2010 Financing in Sacramento
Anthony Lomb…, Real Estate Pro in 95605
Anthony Lombardo answered:
I have a private investor to fund my new real estate venture. He has offered to finance my deals. How do i set that up..with a real estate attorney?
Buy an hour with Anthony Geraci (attorney). I saw him speak at a hard money conference and he knew everything from private money financing to setting up hard money mortgage pools. I h ... more
0 votes Share Flag Mon Jan 10, 2011 Financing in Sacramento
Glen Mitchell, Real Estate Pro in Half Moon Bay, CA
Glen Mitchell answered:
Have to refinance b/c of divorce, but I'm upside down on this house
You sound like you might be a good candidate for the making home affordable program. http://makinghomeaffordable.gov/

It's not a quick process, but you have a hardship. Loo ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Sacramento
Jim Swanson, Real Estate Pro in Sacramento, CA
Jim Swanson answered:
I have already 3 properties under my name.Each of them listed as primary residence when I applied for the loans.Now I am buying another one to help a
For starters, you are calling this your primary residence, and it is not. I'm not a lawyer, but I believe that any lie on the loan application could be considered loan fraud.

I ... more
0 votes Share Flag Sun Jul 4, 2010 Financing in Sacramento
Jim Swanson, Real Estate Pro in Sacramento, CA
Jim Swanson answered:
I have an investment property in Sacramento, CA with a good amount of equity. Can I get a second mortgage or equity line of credit? Where?
I believe the wit time is more like 6 months to refi. The problem will be in getting an appraiser to agree with your determination of value. I'd suggest contacting a loan broker an ... more
0 votes Share Flag Thu Jul 22, 2010 Financing in Sacramento
Lew Corcoran, Real Estate Pro in Easton, MA
Lew Corcoran answered:
Looking for Residential Rehab loan bank other than the big banks - I have heard that debt to loan ratio expectations for big banks are much stringent
There are two loan programs you may wish to consider.

One is the Fannie Mae HomeStyle Renovation Mortgage program. To learn more, go to https://www.efanniemae.com/sf/guides/mtgprod/ ... more
0 votes Share Flag Mon May 17, 2010 Financing in Sacramento
Emelia Sanch…, Real Estate Pro in Ontario, CA
Emelia Sanchez answered:
I have been turned down for loan modification twice with B of A. They are saying the investor will not modify. What can I do?
Hello Dodie,

Your home is owned by a private investor and not willing to modify the terms of the loan. Your choices if you want to keep the house is to make your payments as you had ... more
0 votes Share Flag Tue Apr 20, 2010 Financing in Sacramento
Grace Morioka…, Real Estate Pro in Sunnyvale, CA
Grace Morioka (408-426-1616) answered:
Pro City got my balance reduced by $65,000 as a prt of the modification. Will I owe any taxes?
Hello Barry and thanks for your post.

To obtain the best answer for your circumstance, please contact a qualified tax professional or CPA. Unfortunately, as Realtors, we do not have ... more
0 votes Share Flag Fri Apr 9, 2010 Financing in Sacramento
Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
name any lenders that are doing 90% LTV loans on single familly non owner occupied purchases
None that I know of. Sorry. In fact, most want 25% down to offer an attractive rate.
0 votes Share Flag Tue Mar 30, 2010 Financing in Sacramento
Debbie Reinh…, Real Estate Pro in El Dorado County, CA
Debbie Reinhardt answered:
I have a large equity loan ($110,000) that puts me under water by approximately $50,000 in my principal place of residence. Have you heard of equity
Hi Judy,
I'm not aware of any 2nd lenders who are reducing the principal balance of loans as of yet, other than in short sales (where the lender(s) agree to let the home be sold f ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Sacramento
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
Ute Ferdig - Atty. Negotiator answered:
Loan modification for second home loan
Hi Monika. You mentioned that you were told that the loan would not be considered for a loan modification because it's a Freddie Mac loan. I think you received misinformation. ... more
0 votes Share Flag Wed Oct 28, 2009 Financing in Sacramento
Paul Andres, Real Estate Pro in Sacramento, CA
Paul Andres answered:
What does the "total estimated funds needed to close" mean? We are purchasing a home at 175k with FHA. We are prepared to pay 3.5% as down
Marty, your initial deposit is the portion of the 3.5% down payment required for FHA. In addition you will have buyer side closing costs. Depending on how your purchase contract is writ ... more
0 votes Share Flag Sat Nov 14, 2009 Financing in Sacramento
David Baker, Real Estate Pro in Des Moines, IA
David Baker answered:
What is a bank drags its feet to nullify a locked in rate? Even if the consumer has done all that is require
Unfortunately, I deal with this very often. As a consumer, it is important to know if you are working directly with a lender, mortgage banker or mortgage broker. Once you know who pla ... more
0 votes Share Flag Thu Aug 13, 2009 Financing in Sacramento
Sue Archer R…, Real Estate Pro in Tampa, FL
Sue Archer Reynolds answered:
how does a short refi affect your FICO score?
For the months that you are late, it will be reported.

If you keep all other items on your credit paid on time, you will have less of a hit than if you are late on credit cards as w ... more
0 votes Share Flag Mon Jul 20, 2009 Financing in Sacramento
Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
we haven't missed a payment, we are upside down on our house, rate set to adjust. what can we do that will be?
You can try for a loan modification and, if that doesn't work out, attempt a short sale. Many people think that they have to be in arrears or have a notice of default filed before they ... more
0 votes Share Flag Tue Jul 21, 2009 Financing in Sacramento
David Chambe…, Other/Just Looking in Saint Petersburg, FL
David Chamberlain answered:
Can we pull cash out of a rental that we just closed on? Also is there a way around the 4 mortgage rule?
If you just got a loan on that rental, you need to look at your mortgage docs to see when you can refi. You will probably owe a fee if you refi to soon.
0 votes Share Flag Mon Jul 20, 2009 Financing in Sacramento
Ed Favinger, Real Estate Pro in Folsom, CA
Ed Favinger answered:
Loan for 220K for 4 plex in citrus heights
Angela...

Naw.. you're not hopeless... you're just lacking some information...

If you haven't already, I'd hook up with a loan guy that is familiar with income property...

If ... more
0 votes Share Flag Sun Jul 19, 2009 Financing in 95841
Rob Spinosa, Real Estate Pro in Mill Valley, CA
Rob Spinosa answered:
I went thru a divorce and owe 250,000 on 1st @ 6.3% and a 2nd 84,000 @ 9.1%..My income is now half due to
Don't Panic Soon,

E-mail me and I will send you a flowchart of options available to distressed homeowners.

Rob Spinosa
rspinosa@mortgagemasterinc.com
0 votes Share Flag Tue Sep 15, 2009 Financing in Sacramento
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