I know a homeowner in the Miami area who needs to refi a property. It’s a SFR. It has a current balance of around $202K, with a three month old appraisal of around $250K. Monthly payments of $2,151 PITI.
The loan is two months in arrears. His goal is to refi the property to get his monthly payment lowered, and pull out some cash to bring the loan current and make some minor fix ups.
Anyone? Thanks.
You haven’t given us a lot of information to go off of, but two months in arrears in and of itself should be something you can overcome. Have foreclosure procedures started yet? If foreclosure has started, the deal will be extremely difficult. With two months in arrears, the borrower will only qualify for a subprime mortgage, but the fact that there is equity in the property should make it doable.
RJ is correct. there are to many variables to respond with an honest answer. You will probably receive many PM’s saying that they can get the deal done.
The answer that you are looking for is impossible with the limited information that you have presented.
- is the loan full documentation
- what is the client’s income source
etc., etc.
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You need to move quickly with the mortgage already in arrears.
As other posters have indicated, so much more needs to be known in order to give you a proper response.
On the surface, there is a ying/yang to the situation you posted:
GOOD: Low LTV (approx. 81)
BAD: Many changes in the non-prime lending sector (it is assumed that the individual’s credit scores is getting dinged from the late mortgage payment) could limit the individual’s choices/benefits.
Share more and get more (info)…
Regards,
Scott Miller
The loan can get done, however like everyone stated you have to provide more info. How much cash is this person looking to take out? Was foreclosure started? Whatever the case he should move with urgency since he os already 2 months down on the mortgage