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i currently have a mortgage through an individual(owner finance), that i have defaulted on, can i try to get conventional mortgage to save home?

jenkin7 · Posted: Wed Oct 21, 2009 10:24 pm Post subject:

Hi guardman,

You can obviously look to get a conventional loan and pay off the existing owner financing debt. The seller wants you to pay off the current debt and take over the ownership of the home. It hardly matters to them whether you pay off the current loan through a conventional loan or through owner financing. If you qualify for the loan, you can definitely go for a conventional mortgage and pay off the current owner financing obligations.

Guest

would i need to try refinance or new purchase since it was not through bank?

jveenstra · Posted: Thu Oct 22, 2009 12:49 pm Post subject: Refinance

It is a refinance as you already own the property.

You defaulted on the present mortgage which is held by a private person. A new lender would undoubtedly want the payment history on your existing mortgage verified. That will not be good because you will not get a new mortgage that one would consider "normal" if the existing mortgage is defaulted.
In this case, the only mortgage available would be a hard money mortgage of some sort and that will require, amongst other things, a lot of equity in the property, probably 35 to 60% equity in the property.

If you can afford and qualify for a new mortgage as far as monthly payments are concerned, can you not make monthly payments on the private mortgage that is presently in default? Your best chance for keeping the property would seem to be if the present mortgage holder will allow you to start making payments again, even if it means adding back to the mortgage balance the amount that is in arrears.

gmakerley · Posted: Thu Nov 19, 2009 9:50 pm Post subject:

john is right - your new lender wants to know that you're paying the existing mortgage as you had agreed to, and you won't be able to show a good record. this will definiitely work against you in your efforts to buy.

Guest

I used Seller Financing 3 yrs ago to purchase 2 duplexes. Is it possible to get a Refi Loan or do I have to get New Purchase Loan? I've heard the term "seasoned" and figure this (along with good payment history via Escrow Specialists [third party]) would qualify to get these properties on a Refi?

jveenstra · Posted: Tue Dec 29, 2009 12:10 pm Post subject: Refinance

Investor1, refinancing should be ok as long as you have 4 or fewer properties with mortgages on them.

With Fannie Mae and Freddie Mac financing you will probably be limted to a mortgages of 75% of value for rate and term refinance and 70% of value if cash out refinance. Credit score 660 or higher for arte and term and 680 or higher for cash out.

If you live in either one of the properties, it would be owner occuppied and that woulkd be 80% of value and 75% for cash out.

Guest

My mortgage company sold my loan to anther institution. My original loan was conventional without PMI, my new mortgage company is telling me my loan is a Fannie Mae, can this be true?

jveenstra · Posted: Wed Feb 24, 2010 1:50 pm Post subject: FNMA

All FNMA loans are conventional loans.

That just means they are not government loans like FHA and VA and Rural Housaing Dept mortgages.

Being a FNMA loan could be a good thing if your rate is over 6%. FNMA allows refinancing even if the house value has dropped and the loan balance is now higher than the house value.
Normally, one could not refinance in such a scenario.

Guest

We are in the process of doing owner financing. Once I get a job at our new relocation, I want to get a mortgage loan to pay off the seller. Can you tell me what the process is and what information do I have to provide the bank?

Thanks!

jameshogg · Posted: Fri Oct 01, 2010 2:02 am Post subject:

Hi Isabel,

If you already have a mortgage on the property, then you won't be able to go for an owner financing. If the lender comes to know about it, he will call the mortgage due immediately. You'll have to pay off the mortgage in full and then owner finance it.

Thanks

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