Calguns.net  

Home My iTrader Join the NRA Donate to CGSSA Sponsors CGN Google Search
CA Semiauto Ban(AW)ID Flowchart CA Handgun Ban ID Flowchart CA Shotgun Ban ID Flowchart
Go Back   Calguns.net > MARKETPLACE > Commercial Services
Register FAQ Members List Calendar Mark Forums Read

Reply
 
Thread Tools Display Modes
  #1  
Old 03-02-2017, 1:39 PM
ugimports's Avatar
ugimports ugimports is online now
Vendor/Retailer
 
Join Date: Jun 2009
Location: Fremont, CA
Posts: 6,113
iTrader: 21 / 100%
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
__________________
UG Imports - Fremont, CA FFL - Transfers, New Gun Sales
Closure Schedule: http://ugimports.com/closed
web: http://ugimports.com/calguns / email: sales@ugimports.com
phone: (510) 371-GUNS (4867)

Crowdsourced 2A Calendar

I AM THE MAJORITY!!!

Amazon Links Posted May be Paid Links
Reply With Quote
  #2  
Old 03-02-2017, 2:11 PM
Zorba Zorba is offline
Banned
 
Join Date: May 2014
Location: Ex-Monterey, now Florida
Posts: 767
iTrader: 2 / 100%
Default

To Hell with Banks. Try a credit union, you may have better luck.
Reply With Quote
  #3  
Old 03-02-2017, 2:19 PM
ugimports's Avatar
ugimports ugimports is online now
Vendor/Retailer
 
Join Date: Jun 2009
Location: Fremont, CA
Posts: 6,113
iTrader: 21 / 100%
Default

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.
__________________
UG Imports - Fremont, CA FFL - Transfers, New Gun Sales
Closure Schedule: http://ugimports.com/closed
web: http://ugimports.com/calguns / email: sales@ugimports.com
phone: (510) 371-GUNS (4867)

Crowdsourced 2A Calendar

I AM THE MAJORITY!!!

Amazon Links Posted May be Paid Links
Reply With Quote
  #4  
Old 03-02-2017, 2:27 PM
acegunnr's Avatar
acegunnr acegunnr is offline
ΜΟΛΩΝ ΛΑΒΕ
CGN Contributor
 
Join Date: Oct 2005
Location: Central Coast
Posts: 2,333
iTrader: 182 / 100%
Default

Try Keypoint CU. I did a re-fi with them last year and they did a great job.

https://kpcu.com/personal/home-loans
Reply With Quote
  #5  
Old 04-14-2017, 10:26 PM
uLs1a uLs1a is online now
Senior Member
 
Join Date: Feb 2016
Location: Cave Springs, AR
Posts: 946
iTrader: 62 / 100%
Default

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/


Sent from my SAMSUNG-SM-N920A using Tapatalk
Reply With Quote
  #6  
Old 04-14-2017, 10:39 PM
ugimports's Avatar
ugimports ugimports is online now
Vendor/Retailer
 
Join Date: Jun 2009
Location: Fremont, CA
Posts: 6,113
iTrader: 21 / 100%
Default

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
__________________
UG Imports - Fremont, CA FFL - Transfers, New Gun Sales
Closure Schedule: http://ugimports.com/closed
web: http://ugimports.com/calguns / email: sales@ugimports.com
phone: (510) 371-GUNS (4867)

Crowdsourced 2A Calendar

I AM THE MAJORITY!!!

Amazon Links Posted May be Paid Links
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -8. The time now is 2:33 PM.




Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
Proudly hosted by GeoVario the Premier 2A host.
Calguns.net, the 'Calguns' name and all associated variants and logos are ® Trademark and © Copyright 2002-2021, Calguns.net an Incorporated Company All Rights Reserved.
All opinions, statements and remarks made by Calguns.net on this web site and elsewhere are solely attributable to Calguns.net.



Seams2SewBySusy