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Thread: Options PLEASE!!!!!!!!!!!!!!

  1. #1
    boatsnblondes
    My buyers loan fell out today!!!! Turns out she was lying to us all along, instead of a 700+ score, she is a 558!!!! Needless to say, I am try to get my lender to finish her because hers could not get her done. I am supposed to resign on Weds. Drive up Thursday morning, fill out paperwork Friday, and leave for training on Sunday AM next week!!! OF course I find all of this out at 2:00 on Friday afternoon the Friday before the biggest weekend of the year and everyone is GONE!!! Here are my options.....
    1. Take a 100% loan, pull 25,000 out for closing costs and relist the house.
    2. Take a 100% loan, pull out 25,000 for closing costs and rent out the house.
    3. Do a 95/5 deal, where I hold 5% interest back on the house, and she has 12 months to pay me or I call the note, take back the house.
    4. Find a lender willing to give an exception for her high score of 583.
    I know you guys are connected, and the builders are willing to give us time to resolve this one way or another...so I need options people...I am getting a little nutty here, but maybe you guys can point me in the right direction, if I don't find a solution by Friday at the latest, it will all fall through, job, house, all of it. So help me out here guys, will ya?

  2. #2
    voodoomedman
    My buyers loan fell out today!!!! Turns out she was lying to us all along, instead of a 700+ score, she is a 558!!!! Needless to say, I am try to get my lender to finish her because hers could not get her done. I am supposed to resign on Weds. Drive up Thursday morning, fill out paperwork Friday, and leave for training on Sunday AM next week!!! OF course I find all of this out at 2:00 on Friday afternoon the Friday before the biggest weekend of the year and everyone is GONE!!! Here are my options.....
    1. Take a 100% loan, pull 25,000 out for closing costs and relist the house.
    2. Take a 100% loan, pull out 25,000 for closing costs and rent out the house.
    3. Do a 95/5 deal, where I hold 5% interest back on the house, and she has 12 months to pay me or I call the note, take back the house.
    4. Find a lender willing to give an exception for her high score of 583.
    I know you guys are connected, and the builders are willing to give us time to resolve this one way or another...so I need options people...I am getting a little nutty here, but maybe you guys can point me in the right direction, if I don't find a solution by Friday at the latest, it will all fall through, job, house, all of it. So help me out here guys, will ya?
    To go with option 4 you'd be digging. Find a broker who deals with Subprime Lenders and see if anything is possible but it's probably a big reach. If it was in the 600 anything is possible. Once there is a 5 at the beginning of your score it's like you've got the plague.

  3. #3
    al cole'holic
    ..carry some paper for 12 or 18 months if its possible and if she can afford it.

  4. #4
    boatsnblondes
    My wife and I are done, we are mid 700's....she is the one who dragged it till the last moment...sigh....actually, about 580 is still doable..it's just that the rates are ugly....

  5. #5
    voodoomedman
    My wife and I are done, we are mid 700's....she is the one who dragged it till the last moment...sigh....actually, about 580 is still doable..it's just that the rates are ugly....
    You need to get somebody that you know or will hook it up then. Rates are not just determined by the lender. The broker gets rates from the lender every morning and it's basically setup on a scale where each rate has a corresponding rebate to it. I mean somone with scores like you could get like a 4% rate but there is a negative rebate. Basically the broker would have to pay the bank instead of the bank paying the broker. So in that instance you the customer will be paying lots of points. Enough to pay the bank and enough so the broker still makes money on top of the other bs charges. Find someone who will take less commision by offering a lower rate. Also on the same note find someone who is actually the broker or owner or whatever. That way they will do more because they are not giving a big chunk of the commission to their salesperson.

  6. #6
    boatsnblondes
    Voodoo, I understand that.....but we are done...our docs are signed and being held in title pending the outcome of all of this...I am trying to see if anyone can help me help HER get this done....I have no time to relist this thing.....sigh....any LENDERS out there???????

  7. #7
    boater012
    I am a broker who works with over 100 lenders in order to find the best rates possible. I have worked with lower scores than hers, and should be able to find her a lender. The deal is this: she may have to bite the bullet and accept the higher rates, but in just a few months I can repair her credit and she would be able to refi at a lower rate. Our company specializes in repairing credit - it's not that hard. See how much info you can get me this weekend, and I'll have to have her involved as well - I will have to run her credit Monday morning. There is a considerable time crunch involved here, so the more info from her the better. I will be available all weekend long, please feel free to respond here (BTW, this is my Fiance's username, his avatar is a pic of me...) or you can PM me for my number and we'll see what we can do. -Christina

  8. #8
    boatsnblondes
    Christina, I am looking for someone my broker can call and submit the package to....someone who understands her score and can get the exception for it so that she can use the HIGH score, not the mid...do you know of anyone she can go to??? And also, bear in mind that this is a time sensitive transaction....her old broker ran out the clock and we have zero time left.....my broker needs to fund and record by Friday!! can you pull THAT kind of a rabbit out of the hat???? :rollside:

  9. #9
    Tequila-John
    Christina, I am looking for someone my broker can call and submit the package to....someone who understands her score and can get the exception for it so that she can use the HIGH score, not the mid...do you know of anyone she can go to??? And also, bear in mind that this is a time sensitive transaction....her old broker ran out the clock and we have zero time left.....my broker needs to fund and record by Friday!! can you pull THAT kind of a rabbit out of the hat???? :rollside:
    I can for sure pull that off. I will PM you! We have closed purchase deals in 2 days..

  10. #10
    Chubby4Life
    If the deal looks like it will fall through, you can always lease-purchase the home to her. Give her a 1 year lease, and tell her in 10 months she needs to activate the purchase, find her own funding and close by the end of the lease. This way, she's making your payment, you get to move, and if she doesn't activate, you have 2 months to relist and sell. This option may not help you if your new purchase is contingent (sp.) on the other closing.

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