true stated heloc

Excellent credit yet want to self-document your income? If the number was real, you'd have no issue with providing a tax return to prove it. 5 years after the bubble and the idea that banks will provide a loan on no other basis than foreclosing on your home ....

What is a "Stated" home equity line of credit? And why don't you qualify for it? Just because you freelance isn't in and of itself usually a reason.

KW: stated-income

Oh. You mean there are HELOCs where you don't have to say how much you earn? Or IF you even have income? I thought even if you freelance, you could just show tax returns for however many years and accounts with assets to demonstrate ability to pay back. Why would someone lend to a person not knowing if they had any income even that person had a lot of equity in the apt? It is a recipe to end up having to take possession of an apartment instead of being paid back. Plus, if the person seeking a HELOC can't show income, wouldn't it worry you that they also seem to be in need of cash (that's why they're seeking the HELOC in the first place). Who is insane enough to lend money in this situation?

>I have excellent credit and own over 2 thirds of my apartment which is in a very desirable building in Chelsea

Is that math based on past price appreciation?

"Who is insane enough to lend money in this situation?"

You're kidding. What do you think was fueling the bubble all these years?

http://www.cartoonstock.com/newscartoons/cartoonists/mfl/lowres/mfln2875l.jpg

http://www.fairloanrate.com/sub-prime-mortgage-crisis/images/Sub-Prime-Explanation_Page_04.gif

Good Income, Not enough net income to qualify for anything. I had a HELOC for the past 10 years in 3 different property i owned and it turned out very handy. Would like one now. I'm not looking for judgement on this site, just an information. Thanks

>I'm not looking for judgement on this site, just an information. Thanks

Judgment comes with the site.

In fact, if you are looking for a line of credit based on a non-documented line of credit, at some point, you are going to have to face some sort of judgment.

yes, I remember the days of "stated" income and they have gone the way of the DODO bird along with countrywide and a slew of others..
Private financing may be your best shot..make sure you put a cap on the rate..

Cap on the rate? Seriously? This loan would only be made by a loan shark. I can only imagine the usurious rates that will come along with it. May as well borrow off a credit card's cash advance (well, I guess you can deduct the HELOC interest so maybe my suggestions isn't so good).

I've looked at low LTV stated doc loans. They're a ticking time bomb waiting for default. Excellent credit is meaningless without a demonstrated capacity to pay. And in underwriting credit and capacity to pay are not the same thing...

Sonny, i was hoping to talk to You. How do i find "Private Financing"? If you want we can communicate privately

Try sunny.hong@bankofamerica.com

He may not do that kind of thing, but maybe can tell you where to go.

I was just referring to your original post where you mentioned a private investor.. I am not aware of any specifically, maybe someone else on this board??

seven7, what is it that you are trying to do?

On this other thread, you state that you want to buy a $1.3M apt but can only scrape together $25K for a deposit. You think you have $700K in your apt and are qualified to borrow $600K.

http://streeteasy.com/nyc/talk/discussion/29247-going-in-contract-with-less-than-10-deposit

Now you want to do a HELOC but don't have the income to qualify. Is your plan to take a HELOC on the current place to provide a deposit on the other place? Is the $600K you plan to borrow based on stated income, but you think that because it's non-HELOC you'll be able to do stated income?

it's official, Casey Serin moved to manhattan and posts as seven7

inonada, Thank You for playing Investigator
The answer is: Maybe.
I did exactly what you have described in my past 3 real estate transactions and always successfully, in 2003, 2006 and 2008.
It's not against the law.

Relax, I'm well aware of what people did in 2003, 2006, and 2008 even in our beloved NYC under the aegis of its all-knowing coop boards. The gig is obviously up, so proceeding with the same level of bubblehead ignorance as before may prove more detrimental to your financial health than in the past.

Why not bypass a stated-income HELOC in favor of a stated-income mortgage if the former does not exist any more but the latter does? If you think you'll qualify for a $600K stated-income loan when it comes time to buy the new place next year or whenever, shouldn't you qualify for a stated-income cash-out refi now? If you cannot qualify for a stated-income cash-out refi with an LTV below 50% and a total mortgage of $400-500K, what makes you think it's a good idea to put a $130K on a deposit under the hope that you'll qualify for the $600K stated-income loan come your closing date?

Mortgage Broker here can do stated income, 65% LTV. But must have impeccable credit.

Ellen Silverman
E.S. Funding Co.
www.esfunding.instantlender.com

inonada i didn't think about a cash-out refi- that sounds goo

good