In June, I applied for a new home loan but trustee sale was scheduled before the loan closed, so I made up back payments of 27K, gave the owner 50K, took over the existing liens of 105K and 120K. First and second are still in the old owner’s name. One of the bath was torn out, the kitchen was in bad shape, there was debris all over front- and back yard, the inside was a mess. I fixed the place up with my own money. After completion, I applied for a refi with cash out, but don’t seem to be able to find a lender. Appraisal came to 450K. In the meantime I got a hard money loan of 60K to recoup some of my cash. My loans stand now at 285K. I still have not found a lender which goes low doc with cash out. My bank account is depleted and I am now 2 month behind with first and second mortgage. My third was made on time because it’s in my name. I have income coming in over time and I will be able to catch up with my payments. I just have a difficult time right now. My credit score is 720 and I have never been late on anything but this house has been the house from hell.
Any suggestions are greatly appreciated.
Are you currently occupying the house?
yes, owner occupied