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View Full Version : Options PLEASE!!!!!!!!!!!!!!



boatsnblondes
06-30-2006, 08:18 PM
My buyers loan fell out today!!!! Turns out she was lying to us all along, instead of a 700+ score, she is a 558!!!! Needless to say, I am try to get my lender to finish her because hers could not get her done. I am supposed to resign on Weds. Drive up Thursday morning, fill out paperwork Friday, and leave for training on Sunday AM next week!!! OF course I find all of this out at 2:00 on Friday afternoon the Friday before the biggest weekend of the year and everyone is GONE!!! Here are my options.....
1. Take a 100% loan, pull 25,000 out for closing costs and relist the house.
2. Take a 100% loan, pull out 25,000 for closing costs and rent out the house.
3. Do a 95/5 deal, where I hold 5% interest back on the house, and she has 12 months to pay me or I call the note, take back the house.
4. Find a lender willing to give an exception for her high score of 583.
I know you guys are connected, and the builders are willing to give us time to resolve this one way or another...so I need options people...I am getting a little nutty here, but maybe you guys can point me in the right direction, if I don't find a solution by Friday at the latest, it will all fall through, job, house, all of it. So help me out here guys, will ya?

voodoomedman
06-30-2006, 08:22 PM
My buyers loan fell out today!!!! Turns out she was lying to us all along, instead of a 700+ score, she is a 558!!!! Needless to say, I am try to get my lender to finish her because hers could not get her done. I am supposed to resign on Weds. Drive up Thursday morning, fill out paperwork Friday, and leave for training on Sunday AM next week!!! OF course I find all of this out at 2:00 on Friday afternoon the Friday before the biggest weekend of the year and everyone is GONE!!! Here are my options.....
1. Take a 100% loan, pull 25,000 out for closing costs and relist the house.
2. Take a 100% loan, pull out 25,000 for closing costs and rent out the house.
3. Do a 95/5 deal, where I hold 5% interest back on the house, and she has 12 months to pay me or I call the note, take back the house.
4. Find a lender willing to give an exception for her high score of 583.
I know you guys are connected, and the builders are willing to give us time to resolve this one way or another...so I need options people...I am getting a little nutty here, but maybe you guys can point me in the right direction, if I don't find a solution by Friday at the latest, it will all fall through, job, house, all of it. So help me out here guys, will ya?
To go with option 4 you'd be digging. Find a broker who deals with Subprime Lenders and see if anything is possible but it's probably a big reach. If it was in the 600 anything is possible. Once there is a 5 at the beginning of your score it's like you've got the plague.

al cole'holic
06-30-2006, 08:23 PM
..carry some paper for 12 or 18 months if its possible and if she can afford it. :)

boatsnblondes
06-30-2006, 08:24 PM
My wife and I are done, we are mid 700's....she is the one who dragged it till the last moment...sigh....actually, about 580 is still doable..it's just that the rates are ugly....

voodoomedman
06-30-2006, 08:29 PM
My wife and I are done, we are mid 700's....she is the one who dragged it till the last moment...sigh....actually, about 580 is still doable..it's just that the rates are ugly....
You need to get somebody that you know or will hook it up then. Rates are not just determined by the lender. The broker gets rates from the lender every morning and it's basically setup on a scale where each rate has a corresponding rebate to it. I mean somone with scores like you could get like a 4% rate but there is a negative rebate. Basically the broker would have to pay the bank instead of the bank paying the broker. So in that instance you the customer will be paying lots of points. Enough to pay the bank and enough so the broker still makes money on top of the other bs charges. Find someone who will take less commision by offering a lower rate. Also on the same note find someone who is actually the broker or owner or whatever. That way they will do more because they are not giving a big chunk of the commission to their salesperson.

boatsnblondes
06-30-2006, 08:42 PM
Voodoo, I understand that.....but we are done...our docs are signed and being held in title pending the outcome of all of this...I am trying to see if anyone can help me help HER get this done....I have no time to relist this thing.....sigh....any LENDERS out there???????

boater012
06-30-2006, 08:50 PM
I am a broker who works with over 100 lenders in order to find the best rates possible. I have worked with lower scores than hers, and should be able to find her a lender. The deal is this: she may have to bite the bullet and accept the higher rates, but in just a few months I can repair her credit and she would be able to refi at a lower rate. Our company specializes in repairing credit - it's not that hard. See how much info you can get me this weekend, and I'll have to have her involved as well - I will have to run her credit Monday morning. There is a considerable time crunch involved here, so the more info from her the better. I will be available all weekend long, please feel free to respond here (BTW, this is my Fiance's username, his avatar is a pic of me...) or you can PM me for my number and we'll see what we can do. -Christina

boatsnblondes
06-30-2006, 09:04 PM
Christina, I am looking for someone my broker can call and submit the package to....someone who understands her score and can get the exception for it so that she can use the HIGH score, not the mid...do you know of anyone she can go to??? And also, bear in mind that this is a time sensitive transaction....her old broker ran out the clock and we have zero time left.....my broker needs to fund and record by Friday!! can you pull THAT kind of a rabbit out of the hat???? :rollside:

Tequila-John
06-30-2006, 09:09 PM
Christina, I am looking for someone my broker can call and submit the package to....someone who understands her score and can get the exception for it so that she can use the HIGH score, not the mid...do you know of anyone she can go to??? And also, bear in mind that this is a time sensitive transaction....her old broker ran out the clock and we have zero time left.....my broker needs to fund and record by Friday!! can you pull THAT kind of a rabbit out of the hat???? :rollside:
I can for sure pull that off. I will PM you! We have closed purchase deals in 2 days..

Chubby4Life
06-30-2006, 09:26 PM
If the deal looks like it will fall through, you can always lease-purchase the home to her. Give her a 1 year lease, and tell her in 10 months she needs to activate the purchase, find her own funding and close by the end of the lease. This way, she's making your payment, you get to move, and if she doesn't activate, you have 2 months to relist and sell. This option may not help you if your new purchase is contingent (sp.) on the other closing.

boater012
06-30-2006, 10:09 PM
If the deal looks like it will fall through, you can always lease-purchase the home to her. Give her a 1 year lease, and tell her in 10 months she needs to activate the purchase, find her own funding and close by the end of the lease. This way, she's making your payment, you get to move, and if she doesn't activate, you have 2 months to relist and sell. This option may not help you if your new purchase is contingent (sp.) on the other closing.
Along these same lines she can avoid a ton of fees by doing this if she makes your payments in her name they will let her do a refi if she makes 12 payments with her own checks. She will not have all the costs involved with a purchase. look into it as a last ditch effort! lease to her for 14 months with an option to buy!!! let her make the payments with her own checks and she is golden. (I bought my first house this way)

locogringo
06-30-2006, 11:54 PM
If the deal looks like it will fall through, you can always lease-purchase the home to her. Give her a 1 year lease, and tell her in 10 months she needs to activate the purchase, find her own funding and close by the end of the lease. This way, she's making your payment, you get to move, and if she doesn't activate, you have 2 months to relist and sell. This option may not help you if your new purchase is contingent (sp.) on the other closing.
if it is just a 1 yr lease, both parties won't like the amount the home will be worth a year from now. If you were to do a lease option, I would set it up for at least 5 years, preferably 7 and tell her any equity from what you agree on today is split 50/50 when she excercises her option.
Just my opinion though.

boatsnblondes
06-30-2006, 11:56 PM
Lease option is not an option.....I don't want to babysit anyone...not from 500 miles away....but thanks for the idea....

Chubby4Life
07-01-2006, 12:45 AM
Lease option is not an option.....I don't want to babysit anyone...not from 500 miles away....but thanks for the idea....
It's not so much "babysitting." In the lease-purchase agreement, she takes care of all the maintinence issues. Also in the agreement, she misses or is late with a payment, BYE! Lock her into a price now, and in a year (2,3) if the value goes up, good for her, if it goes down, she won't activate the purchase, and you sell to someone else. Just a couple of thoughts for the "last ditch effort".
Hope everything goes O.K.
Chris

ratso
07-01-2006, 09:36 AM
I wonder what squirtin thunder's "score" is??? :rolleyes:

boatsnblondes
07-01-2006, 09:55 AM
452?

ratso
07-01-2006, 09:56 AM
452?
I was thinking in the threes...

BoatFloating
07-01-2006, 10:02 AM
I work for a wholesale lender. I assume she is doing the new american dream 100% finacing. With a 560 score her choices are limited if there are any at all. She will have to be full doc at that fico for sure. Then if you do find a lender that might do that score at 95-100% that rate will be thru the roof her DTI might be out of wack. At full doc at that fico we'd lend to 90% only with a 10% seller carry back.

OCMerrill
07-01-2006, 10:02 AM
Along these same lines she can avoid a ton of fees by doing this if she makes your payments in her name they will let her do a refi if she makes 12 payments with her own checks. She will not have all the costs involved with a purchase. look into it as a last ditch effort! lease to her for 14 months with an option to buy!!! let her make the payments with her own checks and she is golden. (I bought my first house this way)
This is exactly how I bought a Condo 11 years ago with no up front money. We had an escrow that drew up all the terms, a claim deed filed in my name and it all rolled forward once the agreed amount was paid to the seller (the difference between the bal on his loan and the purchase price. It doesn’t matter if the home went up of down in value. All the while I made the loan payments to his bank with my check. In 18 months I refinanced the loan, deed was already in my name...and we were done.
But.........You have to wait for this to play down. I got whining phone calls about every two months from the seller to the point I had to get a bit grumpy with him. I never deviated from the agreement. It went off perfectly in the end though.

upsman105
07-01-2006, 10:02 AM
I wonder what squirtin thunder's "score" is??? :rolleyes:
With FICA or with ***boat????? :) :rollside:

OCMerrill
07-01-2006, 10:07 AM
With FICA or with ***boat????? :) :rollside:
Funny shiat!
Threaded's score would be?

boater012
07-01-2006, 01:38 PM
This is exactly how I bought a Condo 11 years ago with no up front money. We had an escrow that drew up all the terms, a claim deed filed in my name and it all rolled forward once the agreed amount was paid to the seller (the difference between the bal on his loan and the purchase price. It doesn’t matter if the home went up of down in value. All the while I made the loan payments to his bank with my check. In 18 months I refinanced the loan, deed was already in my name...and we were done.
But.........You have to wait for this to play down. I got whining phone calls about every two months from the seller to the point I had to get a bit grumpy with him. I never deviated from the agreement. It went off perfectly in the end though.
It worked out great for me because I was 18 when I bought my first house that way. The seller was a great older gentleman that was very easy to work with. He would come bu once a month and ask If I paid the mortgage and When I told him I had he simply came back the next month. Neat guy. I got hurt at work and he Came by that month to find out if I had made the payment. I told him I was going to be late because of the injury and he said he would pay it for me! He did and came back next month to ask again. I told him I had it covered and also I had enough to pay him back. He declined and said have a good one!
If I was in this guys shoes that is totally what I would do! I was a homeowner at 18 becasue of a great old man. WE still send each other christmas cards every year!! Good luck. sorry my fiance' wasn't able to help you!

boatsnblondes
07-01-2006, 03:04 PM
Thanks, I was hoping he could also....but, this is a tough one....not sure I'll be able to do it without leaving some more money on the table....grumble...I wish I had more time.......