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sdmcdonald
16 Posts |
 Posted - 05/12/2008 : 12:57:44 PM
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| Need help, Have client that had a NOD over two yours ago. We need to go stated income, Client lives in Utah/72% LTV/Cash out/ owner occupied/672 middle score |
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mantixmortgage
2717 Posts |
Posted - 05/12/2008 : 1:38:50 PM
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whats a your
do you mean years or hours
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sheriephillips
408 Posts |
Posted - 05/12/2008 : 2:08:58 PM
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So you have a borrower who obviously can't pay his mortgage now with a NOD filed - and you want to raise the payment by doing a cashout refi - stated? Don't think that's going to work unless you are lowering their payment substantially and they have assets (which he doesn't have, otherwise, he'd be paying his mortgage, right???). Otherwise, what makes sense about this deal from a lender's prospective? They are bailing out a borrower who can't pay now and can't prove his income. It would be only a matter of time before he's in foreclosure again.
Before you do anything, you need to structure this loan to make sense, like paying off all his debt, no cashout to the borrower, lowering his payment, etc. If he hasn't been making payments for 3-4 months, what was he doing with that money that should have been used to pay his mortgage? As a stated deal, this is a very difficult sell in today's market. |
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