Posted by Nick on August 06, 2001 at 06:18:26:
jkf,
A letter from the note holder stating that the note is paid in full should be enough. However, a good bank would take care of getting this letter for you.
Usually the smaller community banks are more flexible in this area of refinance. I would try the small community bank first and be ready to explain why you want to refi.
Nick
refinance/seasoning/2nd mortgage paid off? - Posted by jkf
Posted by jkf on August 05, 2001 at 15:12:04:
Does anyone know where I can refinace a investment property (single family home) without having the 6 months seasoning? I know this question was asked before on this site, but I cannot seem to find it. I also have a home that I purchased that has a second mortgage with the seller. The second is stated in the purchase contract along with the 1st from the bank that financed me. The contract is listed in the county courthouse. How does my seller go about imforming the courthouse that the second is paid off in advance? What document would I recieve stating that the second is paid off? Thanks in advance.
Re: refinance/seasoning/2nd mortgage paid off? - Posted by jesse
Posted by jesse on August 07, 2001 at 13:57:58:
there are a few that will lend with less than 6m-1 year sesoning. I fyou need help i may be able to help if i know what state you are in. Some local banks will do these loans, but most don’t.
regarding you other issue if i understand it correctly you should have a title search done and let the title company worry about it.
good luck
jesse lena
Re: refinance/seasoning/2nd mortgage paid off? - Posted by Ed Garcia
Posted by Ed Garcia on August 06, 2001 at 09:32:09:
JKF,
The seasoning issue exists and is dealt with on an individual basis, based on the deal and the strength of the borrower. NO lender, other than a Hard Money Lender, will buy unseasoned loans with any consistency. However they will buy them from time to time. Mortgage Companies who buy and sell loans in the secondary market or do pass through lending, are not good candidates for unseasoned loans.
The second that was paid off should be reconveyed.
RECONVEYANCE: the transfer of the title land from one person to the immediate preceding owner. This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a trust deed debt has been paid in full.
Ed Garcia