Refi Before Foreclosure
How hard is it to refi after chapter-13 is dismissed and before foreclosure?
The property in question has a $269,000.00 1st and the owner is currently $25,000.00 behind. The property value is $385,000.00.
After falling behind 7 months ago the owners credit bad.
Calling all MO invetors!!!!!!
He doesn't need to refi, he needs a creative REI. He's at a 75% LTV without refi fees, his credit better not be as bad as it sounds....
If I did MO investments, I would save his life by doing a SUB2 and catching his mortgage up. I would make nice cash with a Tenant/Buyer and he would rebuild his credit history.
hope this helps,
clear2close
[addsig]
If the loan is not in foreclosure status yet, it is quite simple. The problem is this, homeowners wait until it's far too late to try to refinance....2 payments past due is far enough.
Everyone who reads this...please please please....don't ever wait until you're more than 2 payments past due to try and seek help. Let go of your pride & pickup the phone! I've had quite a few customers lately in that position and it really breaks my heart. I'm on the phone for hours with agents, investors, brokers etc. trying to find a way to help them save a house that they have 40K plus equity in.
Ok, before I get too sentimental, if it is in foreclosure he should have an investor step in, purchase the property & maybe LO it back to him for a year or so. If it is a rental property and there is a tenant living in the home...
[ Edited by loanwizard on Date 11/05/2003 ][ Edited by loanwizard on Date 11/05/2003 ]
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Shawn Dostie
(moderator)