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Dino679
Joined: 04 Aug 2005
Posts: 9
Location: ny
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| Posted: Wed Aug 10, 2005 12:36 pm Post subject: Loan Details, what to do |
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Hello everyone, well..Im in a situation where my current rental home has sold and we have 30 days to move, we wanted to relocate to NC from Ny and Homebanc offered me a loan at 90% LTV short term 9.6% for the first 2 yrs then I have to re-finance, I'm 9mths out of a chapter 7 and slowly rebuliding....I was thinking with those terms maybe I ought to lease/rent to own for a year or 2 , then refinance when credit gets stronger...any opinions will be helpful.
ps my broker also mentioned that the loan becomes adjustable , not sure what that is..hes not a chock full of info.. |
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chow
Joined: 22 Jan 2005
Posts: 2352
Location: Cornfield County, Indiana
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| Posted: Wed Aug 10, 2005 2:31 pm Post subject: |
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what part of NY? Some people use rental agents just like a Realtor. Your BK7 is going to get you a higher rate, and you will have to re establish credit, and Refinance. Let me know, by Private message, I have a few friends in the NY market.
Most LO's hate dealing with someone just out of a BK7. Poke around this site, and you will find those of us who hold the money-have a few more rules for BK's.
If you need a referral of a good source-PM me. |
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Dino679
Joined: 04 Aug 2005
Posts: 9
Location: ny
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| Posted: Wed Aug 10, 2005 4:08 pm Post subject: |
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| I'm On Longisland, expensive as heck...we want to move to NC ..Ill check around on the board, thanks. |
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