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sequoia
230 Posts |
 Posted - 02/28/2008 : 07:46:54 AM
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Borrower payoff is $165,000, Value is $160,000....what can I do???????
Should I approach the Lender (Homecomings) asking them to lower the payoff and add the remaining amount due as a 2nd? The loan has adjusted once and he just got a letter stating that it is adjusting another $200 again! His english is not good, he did go Full Doc and is a nice family man. I do not want them to lose thier home because the previous broker did not explain what an ARM was....thanks for your help! I am planning on calling the lender today, just need to know what to say...I think the custmer svc for Homecomings is in India or something....just to top it off! I am planning on speaking to the short sale department, since noboy knows who I should talk to over there. I was on the phone for hours yesterday trying to get he right department...nothing! |
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nowbroker
934 Posts |
Posted - 02/28/2008 : 08:21:05 AM
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If he was recently late on his payment (due to rising ARM that meets FHA secure rules on origination dates/terms)and otherwise qualifies, then the existing lender can carry a second without limit to LTV.
Not positive, but I do not think you can do this on a regular FHA unless the 2nd is with a qualified source (municipality,1st time home buyer program, etc.) |
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Nevada LO
271 Posts |
Posted - 02/28/2008 : 08:24:54 AM
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quote:
Originally posted by nowbroker
If he was recently late on his payment (due to rising ARM that meets FHA secure rules on origination dates/terms)and otherwise qualifies, then the existing lender can carry a second without limit to LTV.
Not positive, but I do not think you can do this on a regular FHA unless the 2nd is with a qualified source (municipality,1st time home buyer program, etc.)
The existing lender can subordinate the difference if they are willing to. |
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