loans for more than you owe???

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caradolyn

40 Posts

Posted - 05/14/2008 : 05:54:53 AM

recently I was looking on Craigs list and saw where someone was advertising that they have a solution to financing for people that owe more than what the home is worth???

has anyone heard of this??? I have several client in this same situation. I thought about having my best friend call this ad and find out about this. Ha!

jillstatz

661 Posts

Posted - 05/14/2008 : 06:39:39 AM

Irwin was still doing 125% cltv as long as the first and second were done both with them. Don't know if this program has changed at this point though

JoefromPhilly

699 Posts

Posted - 05/14/2008 : 06:42:18 AM

Can you find and send over the ad?

- Joe

tropixman

154 Posts

Posted - 05/14/2008 : 06:49:44 AM

Fannie Mae will soon offer a 120% loan for R&T if the client is current.

caradolyn

40 Posts

Posted - 05/14/2008 : 07:21:41 AM

my clients payoff is 208,000.00 but now her house is only valued at 155,000.00 at 8.125% she needs to be at 6.00% to afford the home now.

djorge44

1848 Posts

Posted - 05/14/2008 : 07:36:05 AM

I would tell her to talk to her mortgage company and figure out the best way to get out of the house

jfink46

321 Posts

Posted - 05/14/2008 : 08:30:12 AM

Craigslist is full of bull**** artists.

CoralSnake

11208 Posts

Posted - 05/14/2008 : 08:39:23 AM

Well if it was on Cragslist, it must be true....

Probably a guy looking for short sales, I would venture to guess?

rychecky

87 Posts

Posted - 05/14/2008 : 09:03:06 AM

My company does loan modification and shorts sales if that is the case. I can help people that are upside down by reducing their princpal amount let me know how I can help

lshaull

87 Posts

Posted - 05/14/2008 : 09:11:05 AM

FHA will do 97% - Call the second and give the particial payment , subordinate the small remaining balance and ask the to recast it over the remaining term. I have closed several of these.

caradolyn

40 Posts

Posted - 05/14/2008 : 09:31:16 AM

my client has a 100% first. at 8.125%, she has made every payment on time.

JoefromPhilly

699 Posts

Posted - 05/14/2008 : 11:37:42 AM

quote:
Did she try a modification with her current servicer?

Don't loan modifications and other bailout programs work only when the loan is in a high likelihood of default? If the homeowner has made all her payments on time, why would the lender modify the terms or accept any short sale?

- Joe

refiguy123

247 Posts

Posted - 05/14/2008 : 11:41:47 AM

quote:
Originally posted by tropixman

Fannie Mae will soon offer a 120% loan for R&T if the client is current.

Does anyone know the time frame on this? I have at least two clients that could benefit right now.

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