Posted by jeff on June 21, 2002 at 14:51:22:
i wasnt talknig about your bro’s property, i was talknig about the one your abuot to deed him. is that not the one that is causing you troubles? owning property isnt enough for seasoning, it has to be that exact property. if you deed it to him and then have him refi, that property is not seasoned for another 6 months to a year.
if this is the same property, why would you have to deed it to him if he already has owned it for a couple years?
seeking financing w/bad credit; owner of duplex - Posted by Michael Stagger
Posted by Michael Stagger on June 20, 2002 at 15:04:43:
I’m hoping I can get some help from the msg board. I have owned a duplex in Atlanta for one year. I am interested in getting a loan to pay off some debt. I have some lates which I am told is the reason for me being turned down by a couple of banks. I am still trying to find a lender to work with me. I was told I could deed the property to my brother who I was attempting to cosign with, and have him refinance for me. Any suggestions ?
Re: seeking financing w/bad credit; - Posted by Bruce Lawson
Posted by Bruce Lawson on June 20, 2002 at 21:08:49:
Hi Michael,
The two easiest items to get repaired in a short period of time are repossessions and late payments, the reason for that is the high percentage of inaccurate and unverifiable information on those particular types of entries. I would suggest taking care of the reporting issues and get your score back up to conforming.
Contact me and I will help you with a bit more detail to how and why these errors happen.
Sincerely,
Bruce Lawson
seasoning issues - Posted by jeff
Posted by jeff on June 20, 2002 at 16:22:10:
this may or may not work work. lenders are more and more having a seasoning criteria placed on refi’s. if your bro hasnt owned the property for 6 months to a year then some banks wont do a refi. there are still lenders that do this, but they generally have somewhere in the range of 70% refi when not pre-seasoned. some banks go as high as 80%, and you may find one that will do the entire 100% but i havent yet.
i have found banks that do 70% for under month seasoning and 80% after 30 days, but if you dont have much equity, none of these options will work for you.
Re: seeking financing w/bad credit; - Posted by Mikes
Posted by Mikes on February 17, 2003 at 09:25:01:
How do I get in contact with you Bruce ?
Re: seeking financing w/bad credit; - Posted by Michael
Posted by Michael on June 21, 2002 at 10:25:32:
Thanks for the info Bruce.
Re: seasoning issues - Posted by Michael
Posted by Michael on June 21, 2002 at 10:31:34:
Thanks for the feedback Jeff. My brother has owned his property for a couple of years.