 Financing out of an optio (by Henry [WA]) Feb 26, 2009 12:11 PM
 Financing out of an optio (by sr [WI]) Feb 26, 2009 12:13 PM
Financing out of an optio (by Brad [IN]) Feb 26, 2009 12:28 PM
Financing out of an optio (by MrRational [MD]) Feb 26, 2009 12:39 PM
Financing out of an optio (by Andrew [NJ]) Feb 26, 2009 12:46 PM
Financing out of an optio (by Carolyn [MO]) Feb 26, 2009 2:01 PM
Financing out of an optio (by pmh [TX]) Feb 26, 2009 5:31 PM
Financing out of an optio (by jack [MD]) Feb 26, 2009 5:58 PM
Financing out of an optio (by J [IN]) Feb 27, 2009 4:59 AM
Financing out of an optio (by Henry [WA]) Posted on: Feb 26, 2009 12:11 PM
Message:
State Specific Question About: WASHINGTON (WA)
I have a rental property where that I have an option arm loan on. I rent it for $800/mo but that only covers the minimum payment & condo fee so I'm getting hit with negative AM of a about $175 every month. I have an opportunity to refinance through the compnay that's holding the note. This refi would give me a fixed 30-yr loan at 4.75% (no closing costs).I told them I was living there in order to get this rate. They are only doing these types of loans for owner occupied properties. This is a full doc refi.
Is there going to be a problem if I apply for the refi as ownwer occupied -when in fact I'm renting it to a tenent?
The orig loan was for $89,500 now with the neg am it's $96,800. The condo is worth $160,000. Thanks for your advice. --71.193.xxx.xxx |
Financing out of an optio (by sr [WI]) Posted on: Feb 26, 2009 12:13 PM
Message:
Henry - I'd be VERY careful! What you're doing is FRAUD and it is illegal! --165.189.xx.xx |
Financing out of an optio (by Brad [IN]) Posted on: Feb 26, 2009 12:28 PM
Message:
Same as SR said. Assuming this would be a Fannie or Freddie loan, it is fraud against the federal government and there could be jail time involved if you are caught and someone wants to pursue. Maybe no one would ever no the difference though.
There are still banks out there doing re-fi's on rentals. You just have to shop around and also understand you may have to pay points to get a rate that won't be as good. --66.228.xxx.xxx |
Financing out of an optio (by MrRational [MD]) Posted on: Feb 26, 2009 12:39 PM
Message:
all the cool kids are just holding back making payments altogether and when the bank comes looking for them they cram a a more affordable fixed rate loan. --96.234.xxx.xxx |
Financing out of an optio (by Andrew [NJ]) Posted on: Feb 26, 2009 12:46 PM
Message:
What the above people have said is true about fraud but lets look at it another way. The bank is protecting itself by offering this loan regardless if is owner occupied or not. Its value and or resale value will not be affected either way if is owner-occupied or NOO. Say you don't or can't refi and the rates spike up and you can't pay, the bank gets stuck with the condo and you take a hickey on your credit. By lowering the rate now, they have tried to protect themselves going forward. --68.193.xxx.xx |
Financing out of an optio (by Carolyn [MO]) Posted on: Feb 26, 2009 2:01 PM
Message:
Fraud.
Would you screen out a tenant who gave you a false address? Apply similar standards to yourself. --64.12.xxx.xx |
Financing out of an optio (by pmh [TX]) Posted on: Feb 26, 2009 5:31 PM
Message:
henry is an idiot. henry should sell. henry is why our kids kids will be paying for idiots like him. I hope henry gets run over by a bus. tomorrow. --97.94.xxx.xxx |
Financing out of an optio (by jack [MD]) Posted on: Feb 26, 2009 5:58 PM
Message:
when you submit the info on the full doc how will you explain the other address on the info vs the condo loan?
Busted
--96.236.xx.xx |
Financing out of an optio (by J [IN]) Posted on: Feb 27, 2009 4:59 AM
Message:
Mortgage FRAUD! Don't do it! --71.115.x.xx |
Reply:
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