i have someone i’m helping on a forbarance he is about to be foreclosued on. his first mortgage is 86,000 the houses is worth 175, 000. I dont think he has anyother liens. his car is about to get repoed and he needs a loan i want to give him a loan 4000.00 to catch up. If he doesnt pay me how do i forclosure and who do i use to write up the second mortgage? Please help
thanks TOm
Tom…stop. Your friend needs a foreclosure bailout loan. Refi the exsisting balance on the house before it hits foreclosure and consolidate some of those other liabilities as well (most importantly the car). Plenty of equity…it should be a no brainer.
Tara Callegari
i was going to get him refied but his credit score fell just below 500 for 8.5 percent loan. i was going to write up a contract stating i get 80% of the refi money at closing but he doesnt qualify so now what?
thanks TOmmy
I did a recent deal with a borrower that was refing out a 75%, and her score did the same thing, and droped below 500. She was at a 507 before she shopped. Stop shopping now or the score will drop to the bottom. Thats the problem with most deals today…is that the deals are shopped so hard bcause of the lack of knowledge in the programs out there, and the borrowers end result is rejection.
You need a mortgage professional FAST!