- 83 Answers
- 2 Best Answers
- 23 First Answers
- 19 Useful Answers
I am the Senior Mortgage Consultant with the Aduddell Mortgage Group. (tbowden@aduddellmortgage.com)
We currently have eight in-house Loan Officers and five Loan Officer who work out of remote locations. My customers appreciate the way I provide them with comprehensive mortgage solutions that meet their specific needs with a high degree of knowledge, trust, respect and convenience.
I am not an order taker. Instead I will ask you specific questions and only then provide several options that meet your needs. In the end, you are the final judge of which program best suits your needs.
There are few situations I have not already been challenged with and my experience and expertise can help you achieve whatever it is you are trying to accomplish.
Put my experience and skills to work for you!
________________________________________________________________________
Any comments and contributions I provide on Trulia, or any other electronic or print media, do not establish an agency relationship with any party. All parties in need of legal, accounting, tax, or real estate guidance are directed to the licensed professional of their choice for review of all details. An appointed and retained representative can provide specific guidance.
"Trey, thank you so much for the informative mdeeting Ihad with you about our refinance possibilities. I came away with a better unerstanding but more importantly with a respect for you because of your honesty and ethics. Knowing you answer to the Lord for your advice and the way you govern your life, I will "flag" your name in my mind to remember you for future needs we may have and as a reference for friends. May the Lord bless you, protect you and provide for you and your family."
Kayla Evans/Edmond, OK Mon May 19
"Trey has financed all three of the rent homes I own and he is currently helping secure financing for a new home my wife and I are purchasing. I am a Major in the U.S.A.F. and am accustomed to work being done in a thorough and timely manner. When I call Trey I know the transaction will meet my expectations."
Maj. Chris Stoner/OKC, OK Tue May 6
Trey Bowden's Questions (4)
Trey Bowden's Answers (83)
I am unaware of any conforming lender allowing seller carry backs. I would agree that you must be cautious when walking down this path.
Good Luck!
Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277 - Thu May 22 2008, 13:39
Alisa,
Most community agencies offering down payment assistance monies work just like this. They require a prorated repayment of the funds should you sell, refinance or lose the home within the first 5 years. It is extremely rare that they will subordinate to a third position as in your case.
Unfortunately you will be required to include the pay off of this down payment assistance in your new second mortgage.
Good Luck!
Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277 - Thu May 22 2008, 13:36
Jim,
These types of loans are few and far between. Yet the FHA 203 (K) mortgage allows up to $35,000 in rehab money to be included in the mortgage.
Here's the catch.
1. An appraisal is made based on the future value of the repaired home.
2. You have to pay for all the repairs out of your own pocket.
3. The additional rehab funds are held in escrow until after the repairs are made
4. The appraiser performs a final appraisal
5. A second appraiser must also perform an additional appraisal and come up with the same value.
6. At that tie the funds held in escrow are released to the borrower.
Not sure if this is the direction you want to go, but it's an option.
Another option is to look at refinancing your personal home with a line of credit that can be used to rehab the home.
Good Luck!
Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277 - Fri May 16 2008, 14:04
Richard,
You are in a position that is most painful. Gary (see below) gave you some good advice when he directed you to
http:// www.hud.gov/foreclosure.
Another good resource is:
http://www.fanniemae.com/aboutfm/pdf/avoiding_foreclosure_eng.pdf. This document will help walk you through as well as give you some good ideas. If you would like to speak with a live human being, there is a 24 hour help line set up at 1-888-995-HOPE. The experienced counselors who staff this line will gladly help you know what to do.
Good Luck!
Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277
- Fri May 16 2008, 14:00
I invested 21 years in local church ministry and understand people quite well. I also mentor several young couples. For the past three years I have written a weekly article on the real estate market in the greater Oklahoma City area.
Latest:
Senior Mortgage Consultant for
Aduddell Mortgage Group
February 2007—present
Customer service award winner 2003
Customer savings award winner 2002
Top Loan Officer 2005
Published weekly article in local newspaper: 2005 to Present
Report this profile
