a) My mortgage company offered to do the Obama modification program.
b) They filled out an app and said I was pre-approved
c) the guidelines state that until I get the final approval foreclosure proceedings stop. I qualify for all the guidelines – income, home value depreciating (for example the mortgage is higher than the value so it’s almost like I’m doing them a favor to stay otherwise they wouldn’t approve it)
d) they NEVER sent me paperwork about it even though I have recorded phone conversations telling me they would, telling me I was pre-approved, recorded conversations of them taking my app and everything.
e) They never told me my new payment amount, just that I should wait for my info to be underwritten
f) next thing I know I get a letter from an investor saying since my home is in foreclosure would I like to speak to him about it
g) I call them up saying wtf, am I really in foreclosure, and the 3rd person I speak to finally admits that I am and 10 days later sends me the notice. Supposedly I missed the first modification payment which they never informed me of and which is almost 1,000 higher than my current payment which doesn’t make sense.
h) they are ignoring all my attempts to work something out. They totally mislead me, lied to me and I filed a complaint with the treasury they’re not giving me a copy of the lender’s response but one of the lady’s on the phone secretly told me that part of their response states that they have no documentations on their end to dispute my claims – ex. they didn’t save the recorded calls they say are recorded. They have no paper showing me that I had any payment due – I had no idea about it until they put me in foreclosure and verbally told me on the phone I had missed an imaginary payment.

My sale date was supposed to be 2 weeks ago, I postponed it for a few weeks more. I wouldn’t mind going to the same exact terms before this hoopla started. NOw I owe tens of thousands to catch up in the course of 8 months. My 30 year fixed loan was FIXED at the time I signed it and without me seeing any paperwork or agreeing to anything they have ‘modified" it to 0 more/month. It is such a joke I am losing sleep getting very ill over all this. They are a very large bank so I don’t know if it’ll be a lost cause fighting them. I feel taken advantage of, my perfect credit now has a foreclosure on it, all my equity is going away, I had remodeled the whole place brand new condition last year. I am so upset I can’t believe this is happening it’s like a bad dream. I wish i never watched those commercials Obama was on non-stop saying to apply for a modification to lower your payments. I believed in it, got suckered in and now they are taking my house away through shady dealings I have all on tape from my conversations.

I can only afford ,000 in legal fees at the most – do you think any lawyer would give any good result and put time in for that much? Do you think I even have a case? I don’t want to roll over and give up if I have a chance. I can’t believe this is happening and I think the treasury department are bought off and in the pockets of this bank from my dealings with them over the past several months (I am convinced of this).

An investor purchased an apartment building for ,000 by paying 10% down and financing the rest of the purchase price. The lender charged two points as a loan origination fee. How much was the investor charged for the fee?

I purchased the property at a 13.5% cap rate, 63% LTV with an investor loan last week. It’s non owner occupied, I’m self employed my fiance has a regular job. The property will cash flow 0 with a 30 year loan at 7%, 0 for a 20 year loan. I’d like to finance it without having to use any of our incomes from our jobs to pay back the loan, just the income from the property. Any suggestions on who to start talking to, and what action to take. Should I get a commercial loan? Or a residential loan with a commercial appraisal? I’m looking for 75% LTV after the refi.

Dun & Bradstreet was paid in March to create a PayDex score and credit file on my 8 year old business. Now that they have the money, they say that the creditors I listed are NOT D&B members, so D&B can not use them as a reference. D&B will not return any money paid to perform the service they were paid to do. As a small business, real estate rehabber/investor/wholesaler, I need to be able to borrow in the corporate name without any attachment to my personal credit. Other companies I contacted for business credit building want money also.How can I be sure that a credit report will be built for my company, without personal attachment, IF I pay another fee to another company? I really just need a few hundred thousand dollars to start…maybe Trump would want to help me out…I’m a big fan of his! I can’t even imagine…anyway, how can I get guaranteed results in building a business credit report and obtaining a line of credit in the business name?

I have a business where I buy real estate, rehab and flip and/or rent. My partner and I are doing great but we are looking for private investors to bypass banks. The main question I have is this: What type of return do you pay to the investor? Is it a percentage of the total loaned, monthly payments from rent…? We simply dont know. So, If I bowrrow k from an investor, do I pay him back (as an example only) k? Do I give him monthly payments? Is their a time frame?

Thank you VERY much in advance. I live in Illinois and we are trying to figure out the most amicable way to repay the investor.

Thanks!!
All,

Excellent responces and I thank you. I have another question: How do you find private investors?

Looking for an investor/financer of an established apartment complex. I would like to borrow their money to purchase and pay a reasonable interest rate 6.1-6.4%. Prosper only allows up to 25k. I need 2.9 Mil. an interested investors. Email me.