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  #1  
Old 03-02-2017, 1:39 PM
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ugimports ugimports is offline
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Default Looking for Home Mortgage Broker/Lender

I have a unique situation. If anyone can point me to a lender or broker that can get this done I appreciate it.

We've already tried 2 brokers, Wells Fargo, and Chase.

Situation:
1) Home is owned by trust with mother in law and wife as trustee
2) Wife has full POA for mother in law
3) Home is paid off
4) We're trying to get ~400k cash out to fix up the property
5) Mother-in-law is currently in a senior home
6) We will move in with mother-in-law back into home after fixed up
7) Mother in law currently has pension and SS that would be sufficient to cover cash out loan or HELOC.
8) LTV is about 30-40% depending on appraisal day
9) Mother in law has early forms of dementia which means getting her to sign the loan docs is near impossible

Here's the issues we've run into:
1) Since the house is paid off lenders shy away
2) They don't like my wife signing as POA
3) They don't like house in trust

My frustration:
1) Mother in law was responsible paying off mortgage
2) Mother in law/wife were able to plan enough ahead before the dementia got too bad to get my wife POA and house in trust so that my wife could help manage all her mom's affairs
3) Now we're being penalized by lenders for being responsible with #1 and #2

Mother in law has large cash reserve but my wife prefers to keep that liquid and wants to use equity of house to fix it up -- I don't see an issue with that.

If anyone can point us in the right direction it would be helpful. We've been going out it for about 9 months know with the various brokers/lenders I mentioned at the top of this thread. The current broker is still working at it, but I want to get a head start on other options if they hit another dead end. Please feel free to ask me any questions needed to help clarify.

Thanks
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  #2  
Old 03-02-2017, 2:11 PM
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Zorba Zorba is offline
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To Hell with Banks. Try a credit union, you may have better luck.
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  #3  
Old 03-02-2017, 2:19 PM
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Quote:
Originally Posted by Zorba View Post
To Hell with Banks. Try a credit union, you may have better luck.
Do you have any recommendations? I belong to Meriwest Credit Union, but not sure if there are others that might be better. We have some local to us in Fremont that I can check with.
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  #4  
Old 03-02-2017, 2:27 PM
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Try Keypoint CU. I did a re-fi with them last year and they did a great job.

https://kpcu.com/personal/home-loans
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  #5  
Old 04-14-2017, 10:26 PM
uLs1a uLs1a is online now
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I work at a mortgage company and we've done plenty of cash out refis where the borrowers own their home, but your situation maybe alittle different.

We are down in San Diego

http://cstonemortgage.com/


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  #6  
Old 04-14-2017, 10:39 PM
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THanks for all that followed-up. We were finally able to get a private money loan to close. Interest sucks, but we're able to do a rate/re-fi in 6 months now to a standard 30yr.

Thanks
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