To purchase a house in forecloser for cash
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 18% |
| Lender Rate: | 16% | Borrower: | rkbeachrentals21 |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 3 months late | Origination Date: | 2007-11-20 | EricsCC ROI: | -56% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
| May 06, 2008 | Late |
| May 24, 2008 | 1 month late |
| Jun 21, 2008 | 2 months late |
| Jul 21, 2008 | 3 months late |
|
Purpose of loan: Purchase a foreclosed 3 bed 2 bath 1 car 1548 sq. ft. house for cash. 40% below market value. Than rent it for 10 years or more. It will have a large positve cash flow. My financial situation: I have never missed a payment ever. My car and boat ect. are paid for. My credit score last 15+ years 775-810. Now 735--755 due to mortgages on rental property and too many inquires from getting loans to buy sell houses. I have been in realstate business for 18 years. I have 8 rental properties cash flow positive. Three are paid for. I also buy rehab and sell houses. Excellent credit is the life blood of this business. One late payment would make it harder to get a loan and I would have to put a larger down payment down. I would get a higher interest rate too. I also have a retail, wholesale store that sells tools ect. I have been in business for 23 years 8 months. Everything including inventory is paid for. I am disputing debt to income ratio. $135,300 ,$1035 month payment is for line of credit heloc second morgage. This is part of my first mortgage when i purchased a house. It is paid by rental income. I do not know why it does not show up on my credit report as a realstate loan. It is a realstate loan with a lean on the house. Maybe because its a heloc. I only have $107 on credit cards. No other debt,what so ever on credit report. Just the realstate loans. This should make debt to income ratio much lower. This is a safe loan due to i could loss homes, business, ect. if delinquent. I am not going to let that happen. Reason first loan was cancelled: This loan was funded in 1 day and a couple hours. Than it was bid down from 16.27% to 11.10% with 768 bids. Prospers security policy is, they send you a letter with a security code.You have 7 days to give them the security code. I did not receive this letter until 1 day after the 7 day dead line.So they cancelled loan and told me to relist when i received security code in mail. No one knew why it took so long to get this letter. I spent hours with post offices looking for it. Now everything is verified including address, income,bank account. So loan should process fast. Great chance to get same loan at a higher interest rate: My closing date on house i am buying is Dec.3 I have no time to let loan be bid down. I will let them process loan as soon as it has enough bids at 16.27% Thanks to the mail service. I apologize for the incovenience that the last loan may have caused .This was not my fault. The problem is fixed now. Thank you for bidding on my last loan and taking the time to read this post.If any one has any questions please ask them Thanks again. Monthly net income: $ 9333.00 Monthly expenses: $2157 Housing incl.tax insurace: $ 1248 Insurance: $ 82 Car expenses: $ 120 Utilities: $ 190 Phone, cable, internet: $ 135 Food, entertainment: $ 210 Clothing, household expenses $ 110 Credit cards and other loans: $22 Other expenses: $ 40 Total mortgage payments rentals inc.taxes insuranc: $10,227 Income from rents: $11,850 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 221956 | To purchase a house in forcloser for cash | A | $20,000 @ 11% | Oct 29, 2007 | Cancelled |
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Discussion For This Listing
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