Dumb Question, But I Had To Ask...
Hi,
I am a newbie, and this is my first post! I have been driving around to find vacant houses. I found one in a nice neighborhood and called the owner (or former one for that matter). She informed me that her husband died, and she had to file bankruptcy. Countrywide home loans now owns the property. My question is: Is this property now of limits? Would I have to go through conventional lending to get the property? Do I contact Countrywide to find out more info?
Thanks for your advice!
How did Countrywide get ownership of her property. Did they foreclose? Did they take a deed in lieu?
What state are you in?
[addsig]
Depending upon the type of bankruptcy and when it was filed, the court appointed bankruptcy trustee may now have control of the property.
Have you tried IndyMac.
Yep, they dont have this kind of product. Its only for owner occupied. Is this possible at all? Havent received any replies. Do I need to obtain a Class A or B contractors license?
What you need to look for is a spec home loan. You will need from 10 to 30% down. You will have to have a licened GC.
These are the guidlines that I pulled from one lenders web site. They require that you put up 10% of the cost.
Single Family Residence are eligible only.
10% post-closing liquidity of the total loan amount.
Minimum “Gross Profit Margin” of 15%.
Full documentation only. Stated income loans are not available for this program.
Builders with 5+ years experience in the building/marketing of residential SFR’s are acceptable as GC’s.
680 middle credit score.
Owner’s experience is preferred but not necessary.
[ Edited by lacashman on Date 03/09/2006 ]
www.google.com
then search for "Speculative Construction Loan" and "spec home loan".