Car Refinance

Author

Previous Topic | Next Topic

kajo13

84 Posts

Posted - 05/21/2008 : 10:02:11 AM

I have client who decided to co-sign a loan for his sister last November. However, that payment is throwing off his DTI and because I don't have a 12 month history with proof that she's solely making the payments (FHA requirement), removing him from the loan is the only option.

As car refinancing is out of my realm of expertise, can anyone recommend a friend or colleague that I can contact? Obviously credit may be an issue here, as she wouldn't have needed her brother to begin with.

Thanks in advance for the help.

joeyostjr

181 Posts

Posted - 05/21/2008 : 10:31:35 AM

I just did a similar thing. In my scenario we needed to refi and put an additional $2,000 down for the LTV. I went with a local credit union who my client has been a memeber with. I would start there and as a last resort try capital one (online). They go towards the subprime side. Also I just personally refi ed through statefarm. My agent who is a good friend told me about their rates and I was floored. One on the rate and two they offered financing on cars.They are a little loose when it comes to approvals so that might help. If your in AZ I have some contacts for you.

Hope this helps.

kajo13

84 Posts

Posted - 05/21/2008 : 10:37:36 AM

I'm in Florida...but thanks for the advice. It should be a good place to start.

RGK2394

1224 Posts

Posted - 05/21/2008 : 10:58:06 AM

refi w/ new co borrower, mom, dad, other bro or sis, etc. I wasn't involved with the particulars, but I basically told my borrower that your willingnes to "help" your friend/kid/family member will prevent you from getting a loan. They either fell off the face of the earth, or more often than not lit a fire under the other person to get the loan out of their name!

Previous Topic | Next Topic