Question by D G: Will I be able to get a home equity loan if I am currently in a forebearance agreement with my mortgage?
We will be listed as “entering foreclosure” until September, drug cialis 40mg but have already made 5 consecutive payments into the forebearance plan, drugs including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?
Best answer:
Answer by Bob
Go in and ask. Some lenders look at the score. PERIOD.
Others actually look at you report and situation. Some will give anybody a loan but the rate varies with the score and report contents, others only want really good histories. Places like Beneficial Finance tend to be easier and more expensive. Places like banks tend to be pickier.
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Question by koolkat: Any way to refinance an FHA mortgage and FHA home improvement loan into 1 when underwater?
I have an FHA mortgage and FHA home improvement loan. An appraisal that was done prior to some property improvements came in $ 7000 under the payoff of the first mortgage. I have never made a late payment and my credit score was 720 last I checked. My debt to income ratio is also good. Appraiser said poor home sales over the previous 12 months negatively affected my homes value. I would like to refinance both loans into one at a lower interest rate. I’m not in a bind financially and I don’t plan on trying to sell my property. My current interest rates are 5.5% on the first mortgage and 7% on the home improvement loan. I’ve just seen advertisements for really low refi rates even for underwater mortgages.
Best answer:
Answer by realtor.sailor
If you can find someone that will re-fi an underwater mortgage, generic take it.
realtor.sailor
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Question by B.: What is the best way to start off buying and renting apartments?
I want to rent out apartments. Not slums. How do you find the right area? Do you build new. Is it profitable. What do you watch out for. Is it easier to buy a single family and turn it into an apartment. I’m an electrician and could do alot of work myself.
Best answer:
Answer by Caroline
Do not buy a house to turn it into apartments. The most profit will give you buying ready apartments. The best ypu can do is go to the letting agent and ask them for help. They know what kind of apartments they’re customers are looking for and where, ampoule so they will help you.
I have a friend, information pills he’s got a block of apartments (5 years old) and he has so big profit.
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What is your definition of a slum. This might be the area in which you might want to start.
You would want to learn about financing, owner selling and financing, bank REO properties
The best way to get started is to find a 4 plex in your area, secure a FHA mortgage loan. If there are tenants in the property presently, that would be ok, but you should move into one.
With you moving into one would make this an owner occupied property, thus getting the same interest rate as a person purchasing a single family home.
There are several things you need to know when investing in real estate or buying foreclosures, probates and other distressed properties for flipping.
First of all you should go to the nearest book store, purchase several books on buying, fixing and flipping foreclosed, short sales and other distressed properties and real estate investing. There are several that you might be interested in.
The real estate business change from time to time, so you would need to attend any legitimate real estate seminars that would be in your area or you can attend to keep up with the current trends. Business as usual can easily put behind the eight ball.
You will also want to find out if your state is a non-judicial or judicial foreclosure state. This will assist you in making offers as well time frames in which you have to work within when purchasing a foreclosed property.
Once, or, while you are doing this you should buy one of the TV guru’s distressed property programs. These programs will give you some legal forms you might use when writing an offer to purchase a property. You will also find several scripts to use in talking to your potential clients. The also give you tips and a formula on how to figure if you have a property that you can make money from before buying.
If you are without funds to accomplish this business, you will have to find some investors that will assist you. You will have to make a deal with them about a certain percentage of the profits made from the sale of the property. You will have to advertise in your local newspaper for these type individuals to assist you in buying and flipping.
Another method to use when you are without funds to assist you in buying investment property is to get the deal under contract in your name after which you wholesale the deal to another investor and let them do the fix up and repairs. You can collect anywhere between $ 5,000.00 to $ 10,000.00. In high cost property states you might even get more for wholesaling properties.
Normally this is 50/50 however it could be more or less depending on how your relationship is with the investor.
Now to purchase a foreclosed property depends on what phase the foreclosure is in.
#1 Pre-foreclose- the owner is still in the home, he has been notified that he is in foreclosure. Now he has to come current or the foreclosure will continue.
You can make an offer to the owner at this point, give him something in his hand to purchase his equity. Now you will also want to see if there is any repairs that need to be done on the property. If there is you need to know the cost of this repair. You will need to know how many months he is behind in his mortgage payments as well as any fees that the lender has incurred in trying to collect the mortgage payment. Now add these together to include what you had to give the homeowner. Also you must include how much you will need to hold the property, I mean making the mortgage, paying the insurance and taxes while you repair the house for sale.
Now find out the balance of the mortgage add this to the above figure. Now you need a method of finding out the current value of the property. All this information will tell you if you have a deal or not.
#2 The other way to purchase a foreclosure is when the property goes to sale. At this point you must have all cash and you must be able to prove that you have whatever the minimum bid is in cash, cashier’s check or money orders. If you have no proof you will not be allowed to bid.
#3 One last way is after the sale. If no one bid and get the property at the foreclosure sale, you may find out what bank owns the property, write an offer as well as a check as a deposit not to be cashed until the offer has been accepted. You might also inform them as to how and when you plan to come up with the remainder of the sales price. I have know some lenders to accept offers this way before the property is turned over to a real estate broker to sell.
Now you have to determine how you are gonna market yourself to get.
#1 You can purchase a pre-foreclosure list from a list broker (Join the crowd most do this and mail letters to the person that is in foreclosure)
#2 You can advertise in your local paper that you are in the business of purchasing foreclosures.
#3 You can do a direct mail to people in your city stating that you are now in the foreclosure business.
#4 You can do the research at