I am a mortgage broker, looking only for wholesale. I have a purchase for a home in Tacoma, Washington that is owned by the city, and is only being offered by a leasehold estate for 99 years with an option to renew. Problem is, I don’t know any banks that will go for this. Purchase price is $200,000. I know Indian reservation land is also leased property, so if there are any banks that handle Indian land, I’m sure that would work for me too, I’m just not sure who those banks are.
Wow…that is a hard one…post your scenario on http://www.scotsmanguide.com/default.asp?ID=1242 you might find someone
I bought two dirtbikes and then lost my job. They came and got them and I recently got a call from a law office saying that I needed to pay. I told him that they came and took and I didn’t have a job. They can take me to court but I still can’t pay them. Should I file for chapter 7 and just start new again? Or this some kind of way to scare people and to make them pay. I do want to pay them back but it’e been hard finding a job. I use to be a wholesale rep in the mortgage industry. Any advice?
The account was sent to a law firm. What can they do to me at this point. I went back to school to earn a MBA but I am not working.
The guy who I talk said that it could be 2,000 or 4,000. Think they got what they sold them for. The guy wasn’t really sure.
If they repossessed the property, all you really owe is whatever the sales price was vs. what they are able to recoup on the resale of the items. I don’t think it’s worth filing a bankruptcy over. What is the actual amount they are seeking? They can’t tell you that you owe the full amount AND also have the items in question. You will owe the difference plus the collection fees.
I was an Account Executive (wholesale Rep) for a mortgage company in outside sales. I managed 30 accounts and covered a huge area.
Any science background? These are technical jobs and you need a science major or minor in college. I would start with a smaller company and go from there.
Here is a fun video flyer that I put together. Enjoy!
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I am a manager for a wholesale mortgage company. I have been in the mortgage loan business for 5 years. I love my job and the people I work with but as many of you know, the mortgage business is not doing so hot. So should I stay and hope it gets better while continuing to struggle or say forget it and move on and come back when its good again? And if I do move on what else is there to do?
From what I have found, it is always better to stick with something especially if you love what you are doing. I believe that when you love your work, people will see that and want to do business with you.
Alexis Christoforous reports on an anxious wait for interest rate cuts; E-trade’s exit from the wholesale mortgage business; and a U.S. chocolate giant’s fight to preserve the purity of its product. (CBSNews.com)
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The best way to market my company and introduce my services to brokers to build my pipeline from scratch to have them use me as a primary resource to fund their loans? Don’t know where to start. yellowpages.com and look for mortgage brokers and send them my rate sheets? What is the best way for me to build my pipeline from zero?
Go out and meet the brokers face to face. Call them and set up appointments to meet with them. They are more likely to do business with someone that they know hand have met in person than they are with someone who keeps sending them junk mail.
http://www.lendinguniverse.com/Borrowers.asp Commercial Multi Family Loans in Minnesota Our economy depends on mortgage loans and sba loans, investor loan, combine with business funding, wholesale mortgage, rehab money, commercial line of credit.
Fix and flip loans http://www.youtube.com/watch?v=QLAb_IjTFA4, flipping house also known as flipping home can be done with the help of flip a houseCommercial property or Property under Construction . In case you need a fix and flip lenders Contact mortgage broker for best results on flip a house.
Hard money commercial loans http://www.lendinguniverse.com/ California also has a consumer protection law covering high rate/high fee loans. With certain exceptions, loans for consumer purposes that are secured by a borrower’s principal residence of 1 to 4 units and are within the current Fannie Mae single-family confining loan limit are covered by the law if 1) the APR exceeds by 8 points or more the yield on Treasury Securities having a similar term, or 2) the total points and fees, as defined, payable by the consumer at or before closing exceed 6 percent of the loan amount. The law establishes specified limitations on loan terms and prohibited practices. With the exception of an as¬signee that is a holder in due course, a lender on such a loan may be subject to specified civil remedies that are available to the consumer for willful violations of the law. Also\ certain unlawful loan terms, such as balloon payments or prepayment penalties, may be rendered unenforceable. [California Financial Code Sections 4970 through 4979.8]
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Wal-Mart isn’t the biggest in every business. Costco Wholesale is the largest wholesale club operator in the US (ahead of Wal-Mart ’s SAM’S CLUB ). The company operates about 565 membership warehouse stores serving some 56 million cardholders in some 40 US states and Puerto Rico, Canada, Japan, Mexico, South Korea, Taiwan, the UK, and Australia primarily under the Costco Wholesale name. Stores offer discount prices on an average of about 4,000 products (many in bulk packaging), ranging from alcoholic beverages and appliances to fresh food, pharmaceuticals, and tires. Certain club memberships also offer products and services such as car and home insurance, mortgage and real estate services, and travel packages
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I’m in Milwaukee, Wi and I think the to time to buy is now. Any ideas on how I should approach a local retail bank or find a wholesale mortgage company? I used to buy foreclosed properties fix and flip. Now, I want to create a long term cash flow but don’t want to ruin my credit with high debt mortgages. Thanks for any suggestions.
An LLC is an entity but one that most banks and lenders will look at as a high risk borrower. They require a personal guarantuer so you might only be able to protect the asset in an llc. As a non owner occupied property the lender will give a reduced ltv at a slightly higher rate. That property at 75% rental income will qualify the next, and so on. This will work for 5 properties and then 1 must be sold before financing another. In time the LLC will have a performance record that might qualify it as a borrower but will still require a personal guarantuer. The mortgages wont ruin your credit, the late or missing of payments will do that. Timely payment will only improve your credit. As your portfolio grows, so does your cash flow and net worth. The key is to get positive cash flow numbers at 75% of the rent. Make sure you buy properties that will cap rate in your favor.