Well, the HML decided against lending to us b/c the property is outside of his area. He is very willing to lend to us w/in a certain area. I've now had contact with 2 HML's and they both are hesitant to lend at all b/c they both had to take back 2 properties each. Urgh.
I still have not heard from the local banks. One is just not calling me back at all which is totally unprofessional in my eyes. She can't even tell me I was declined? The other said he would call me this week. This one is to re-fi' my condos to pay off my unsecured LOC downpayment. I'm hoping to also build a relationship re: investment properties.
The REO we got under contract is not going to happen. My husband went there today and there is a lot more water damage/mildew and we found out the driveway does not belong to the house, it belongs to the neighbor (who is tearing it out - nice!). Sucks. I was hoping for 2 closings in August...
I'll keep plugging away... I need to find out how I can show these HUD properties w/o some pissed off realtor turning me into the HUD police.
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Sorry it didn't work out with the HML. The HML I did my rehab deal with was telling me how they are being ultraconservative now because a HUGE percentage of their loans from the past 3 years were defaulted on. They said they have turned into a property management company rather than a lender at this point. They are lending but want 15 to 20% down if they've never worked with you before(wow).
How strange is it that the driveway in front of the house belongs to the neighbor?!?
I'm kind of striking out where ever I go these days, or so it seems. Very frustrating.
The driveway was on the side of house, not in front.
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