Is this a case of creative financing for a refi?

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Is this a case of creative financing for a refi?
Posted by Yoli/CA of CA on 2/21/20 11:38am	Msg #616000

Currently, they have a first mortgage, a second and a HELOC on primary residence SFR. They're refinancing all 3 loans and taking a cash out of over $50,000. There was no appraisal. The 1003, under the Schedule of Real Estate Owned, lists this property 3 times for over $500,000 each and lists total value of over $1,550,000.

This last point piqued my curiosity. I looked up address and every 'site (Zillow, Trulia, Redfin, etc) lists this property value at slightly over $541,000.

Another case of pre-2007 financing?? Frown

Messages in this Thread
	Is this a case of creative financing for a refi? - Yoli/CA on 2/21/20 11:38am
	Re: Is this a case of creative financing for a refi? - Cheryl Elliott on 2/21/20 12:16pm
	Re: Is this a case of creative financing for a refi? - Yoli/CA on 2/21/20 12:17pm
	Re: Is this a case of creative financing for a refi? - Cheryl Elliott on 2/21/20 12:46pm
	Re: Is this a case of creative financing for a refi? - Yoli/CA on 2/21/20 12:51pm
	Couldn't this raise a major issue for both lender - Linda_H/FL on 2/21/20 1:08pm
	Wow! That's crazy! ;-( n/m - MW/VA on 2/21/20 1:40pm
	"Schedule Of Real Estate Owned . . . - PegiT_MN on 2/21/20 2:01pm
	Re: "Schedule Of Real Estate Owned . . . - Luckydog on 2/21/20 2:05pm
	Didn't mean to post under Pegi's thread n/m - Luckydog on 2/21/20 2:15pm
	Re: Is this a case of creative financing for a refi? - Cheryl Elliott on 2/21/20 3:21pm
	Re: Is this a case of creative financing for a refi? - Yoli/CA on 2/21/20 8:55pm
	Re: Is this a case of creative financing for a refi? - Claudine Osborne on 2/21/20 9:02pm
	I understood your intentions in posting this, Yoli. I'd be - MW/VA on 2/21/20 9:04pm
	Re: Is this a case of creative financing for a refi? - JanetK_CA on 2/21/20 9:29pm
	I've very busy with refi's because of low rates. VA loans - MW/VA on 2/22/20 7:31am
	VA loans - why not scrap the funding fee, go conventional? - NVLSlady/VA on 2/23/20 10:15pm
	There aren't a lot of conventional loans that I see, and - MW/VA on 2/24/20 2:32pm
	Chase-no surprise. I've seen many erroneous r/e schedules - sigtogo/OR on 2/22/20 11:05am
	Interesting post, and some very good comments n/m - Bear900/CA on 2/23/20 7:48am

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