Licenced for Mortgage Office but need my home. Pls help.

tino2003 · Joined: 19 Oct 2006 Posts: 4

I lost my tenant who did not notify me they were moving until the lender called. They were on a lease /option to purchase and was financially able. I was confident they would come through with the purchase. I would like to pay the mortgage before it goes to 90 days.

To make a long story short I cannot get caught up due to the amount. However I have been appointed a home based mortgage branch manager for a nationwide company but I have to have a back door to exit to operate as required by the dapartment of Real Estate. I don't want to move in and have to maove out because of a foreclosure.

I will not have a problem once I start working. Please help someone. I am willing to pay 20% on $15K of any amount I receive. It does not have to be from one individual.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

It is unclear what you are saying. Please rephrase.

tino2003 · Joined: 19 Oct 2006 Posts: 4

First I would like to tell you the reason I need help. I bought a single family home using as down payment money from a credit card. I knew that the property would appreciate withnin a few months and it did. I applied for an equity loan using a broker that was referred to me by a notary public accepting the fact that the referral came from a reliable source.

After speking with the broker he assured me that he can get me $12,000 after all fees and penalty was paid. Later he assured me he can do better and get me $16,600.
At the notary singning in my home I paid close attention to the HUD-1 document which stated $16,600 cash to me. This money was to be used for deposits on new properties.

There are three days which I had a dcision to rescind the contract if I suspect any change or deception. I suspect neither. Four days later I received the lenders check in the amount of $7,141.58 which I immediately called the title company who responded they will check into it. Thinking it was an error and I would receive the difference, I deposited the check. Upon leaving the the bank(checked was processed) I received a call stating a stop payment was placed on the check and a new check would be issued. I inquired if it would be for the $16,600 and the clerk respond she did not know. Being the honest person that I am returned to the bank and had the teller reversed the deposit.

Two days later I received the new check to find it is for less, $4,866.50. Therefore I lost $25,134.50 equity to receive that amount. To prevent future refinancing deceit a memorandum is now included with all refinancing contract stating that if the cash to me does not agree wiht the HUD-1 it is automatically rescinded.

Now to my recent unfortunate situation and the reason I am seeking monetary help.

I buy properties for investment and creating income. This property was leased with an option to purchase. The property has appreciated again for me to do another refinance. Unfortunately the lessee had bad information from his tax consultant and he decided not to pay his lease without first informing me of his decision. Not until the lender called did I learn of the mortgage not being paid.

At this point my FICO score has dipped too low to qualify for a refinance. What I am trying to do is bring the mortgage current which will increase my FICO and can qualify for refinance. I am now with a nationwide mortage company and have quite a bit of kowledge of the mortgage industry but they have to follow company policy so I do not qualify.

If you can help I would be very grateful and it would save my home. I need $17,000 and willing to pay interest. I need it for just 90 day. I am retired but returned to work to be active.

The mortgage company requires I have a rear exit. I do not have that where I currently live. If you need to contact me my cell 818-400-4061 is the best source of contact but my home phone is 661-949-8913. Hope you can help and thanks in advance.

V. Raboteaux (Tino)

tino2003 · Joined: 19 Oct 2006 Posts: 4

Now only need $10K. Tell me about your refinace program. Or Maybe I try to go to your website.

tino2003 · Joined: 19 Oct 2006 Posts: 4

I am headed straight for foreclosure if you do not have a program or if I don't get the remaining $10K. Do you have a solution? Thanks.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

The only program we recommend is a refinance. What is your credit score?