Once In Default, Will The Bank Refi Them?
I have done a few pre forclosure deals. I am wondering, what is the likeliness of the bank refinancing a person if they are in default?
The bank has made all this interest off the owner until now, maybe getting them back on thier feet will ensure many years of interest income to the bank. Is this likely to happen or are there special circumstances ? Will other banks refi them or is the banks position that they will only be delaying the inevitable default again?
Anyone with experience that can answer, would be much appreciated...Thanks
It has been my experience that it is almost impossible to get any loan secured by the real estate once you have been served foreclosure papers. A private lender is about your only hope and they will only do it if you have lots of equity and they will charge you many points and give you a high interest rate.