Duplex
Hello,
I am currently looking at purchasing a duplex, and would appreciate any help/advice before going forward. I am at the point that I need to make a written offer.
I am not sure if this is the correct forum, so if not, please direct me to the appropriate forum.
Thanks in advance,
Tim
What are your questions?
[addsig]
I am trying to determine if the purchase is worth it.
239900, 675 rents, requires flood insurance.
I think the only way to make the property work is to use a neg am, and I have heard that using neg am loans actually hurt your credit. The next best would be a interest only, and this doesnt even seem to work.
This is the best price by far on a duplex in the area, and I still cant seem to make the numbers work....
How the heck does someone get into this without running negative every month????
Tim
This one is not going to work. You might look to the east.
Thanks, BradfordTM. The broker is claiming that if EMC sends me a letter, I will have 30 days to get the new loan and it will go on my credit as a called loan. Have you heard of that happening?
Good advice, I definitely have kept making my payments.
Quote:
The broker is definitely out of the equation after you closed the loan the first time.
Maybe Maybe not. Did the broker do anything fishy? Or did not catch anything fishy that they should have? If so they they can be forced to buy back the loan.[ Edited by lacashman on Date 08/25/2006 ]
No expert on this topic but your broker sounds nervous.................as in he/she failed to disclose something or there was some impropriety going on for ..................what else?? - their financial gain - Money!
I also agree with the above with why would the lender /holder of your mortgage contact your broker instead of you directly?
The broker is long gone out of this deal. But I bet something fishy has occoured in this deal
Found out that they had to take back several loans, not just ours. Seems that they left out some information on our loan app when they submitted the final app. to the lender.
Needless to say we are not happy about this.
If you closed on those two houses AFTER you received the loan from EMC, then they should not affect your EMC loan. It should be the other lenders that may care if you did not disclose the EMC loan with them. If this was a cashout refinance, they do want to know if you are using the cash to purchase another property. If you did not use there cash, or you disclosed that you were using their cash, to buy another property, that could be a problem. Otherwise, I am confused and you should seek help with a lawyer.
leer,
Do you have any direct communication from EMC? From your posts it appears that all information has come from one of the involved brokers.
leer,
My thoughts are along the lines of smithj2. It seems very strange that a loan brokerage would buy back a loan unless they are very concerned about their own rear end. The fact that the loan broker is now holding the loan appears to improve your position since the loan broker (note holder) is the one who must call the loan. What grounds would they have? They are the ones who took your data and did not report the pending property purchase to EMC even after you informed them. If it were me, I would sit tight on this until the other shoe drops (if it ever will). I would then fight it if they call the loan since their case for misrepresentation against you appears to be weak from what you have said in your posts.