Looking For SBA Lender That Is Funding CAPLines
Builders CAPLines is one of the programs under 7(a), but finding lenders is very dificult.
In all of N. CA there are none. the ONLY one I did find in in OR. They will work with CUs in other States thru the use of a CUSO (?), but none of the CU to which I have eligibility do this.
Has anyone had any lock with using this program?
Are you current now? If so try letting the payments run out to 20 days late or so and you will start getting calls from collections. Try to negotiate a loan modification agreement or a discount.
Trying to approach a lender to buy a sfh loan at a discount if that loan is current is pretty much a formula for frustration.
BTW, who is the lender?
FHA has allowed individuals to refinance their underwater mortgages since 2007. Once you get approved for an FHA loan, and its 90% of currently appraised LTV, lender might be willing to take a short offer. We have been offering these to our clients since 2007. Only $199 to process
CJ & ITB,
Thanks for the response. I agree with you, CJ, 100% on why would the bank sell the note cheaper than the short sale offer. I was just trying to figure out how to do it. I read the post on how to buy your own note at a discount is another excellent example of why it makes no sense to sell a note to individual investors. If you could stop paying your note so that you could have you or a straw buyer buy your own note at a discount reaffirms my belief that this is a highly unlikely route to unloading a mortgage for a bank.
Your response, ITB, makes a lot of sense. The method you describe seems completely logical vs the idea you can deal directly with the bank as an individual investor. Thanks again for the time you put into both answers.
Another option (without regard to moral, legal, ethical, etc. issues) is to default, then have the straw buyer acquire the property (not the note) via short sale or courthouse sale.