A few details have just come to light regarding the McKinney’s securing their own financing on their property, which was previously held under a Contract for Deed arrangement.
If you will recall, on November 30, 2013 Jennifer mentioned the financing on their house, saying that they were getting rid of their unconventional loan and “closing on our own financing.” The post has since been deleted from her Facebook page.
On November 12, 2013 Jennifer’s parents re-financed their home for the amount of $60,000 with a ten year term. Jennifer McKinney is listed as a borrower on this document.
Then on November 23, 2013 the deed holders of the property, the Arndt’s, quit claimed the property to Jennifer, and then Jennifer quit claimed the property to herself and Israel. Following that Jennifer and Israel signed a 30 year adjustable rate mortgage in the amount of $318,750.00 with a starting interest rate of 11.50%. The initial interest rate is set until December 2018, at which time it may be adjusted as high as 13.50% but no lower than 11.50% The interest rate cap on the ARM is 17.50%.
On December 2, 2013 the mortgage on the Arndt’s property (now McKinney’s) was recorded as satisfied in full.