Comment

Comment by Kevin Vitali on September 27, 2011 at 2:42am

The seconds, heloc's and PMI companies have been getting tough this year.  It is getting much harder to get them to release with out money at closing, or a personal note.

Comment by Joshua Gayman on September 16, 2011 at 9:20am

Ya typically 10% is the number on a wells heloc. If you can got the first to pay out 10% to second i think you should be fine, as long as you aren't showing the bank bank an account with a lot of 0's or a financial statement that is healthy.

Comment by Ken Ferman on September 14, 2011 at 1:53am

Thanks Joshua~ yes NJ is a NOn debt forgiveness state; the balance on the line of credit it approx 65k of which 10% has been allocated out of the proceeds ; we have One HUD; I was told that the line of credit dept standard is to accept 10%.  Im waiting to hear if they will or not..

Comment by Joshua Gayman on September 13, 2011 at 3:42pm

Also, if it is in fact a non debt forgiveness state, then a foreclosure could be even worse for your seller. If that is the case and it actually comes down to the seller having to give up something, there are other ways to satisfy the lender and get the approval letter that are a lot better for your seller financially. Would love to chat and elaborate, as I would end up writing a super long blog post if i went into much more detail here..

Comment by Joshua Gayman on September 13, 2011 at 3:40pm

that's a standard line. Have you researched the facts and verified for yourself whether NJ really is a non debt forgiveness state or not?  HELOC's can be tough sometimes if they can persue..But think outside the box to get it done. Certainly don't have the mindset that your buyer will HAVE to give a contribution, have the mindset that you are going to close this dang file!!! Are you submitting 2 HUDS? Would love to chat more and help you get through this thing. Message me if you are interested and I would be glad to help you go through the process.