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allenq
1 Posts |
 Posted - 05/22/2008 : 5:35:47 PM
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Borrower built a dream home (moved in recently), owes 1.1 mil on a const loan with Wamu. property worth significantly less now, and Wamu says to find the best loan he can and they might entertain a short payoff (I have never heard of this) Borrower also has multiple mortgage lates in the last year on his previous residence which he is still trying to rent out. Fico 612, income $9600, debt $1032, neg rent $2550, minimal reserves. I would really like to give this guy some good advice. Please help if you can.
Thanks
Allen |
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nowbroker
1384 Posts |
Posted - 05/22/2008 : 6:05:51 PM
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It is no wonder Wamu would take a short payoff.
Unless they are at a really low LTV nobody is going to want to step into their shoes. Tell them to negotiate hard with terms at Wamu. |
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joeyostjr
181 Posts |
Posted - 05/22/2008 : 6:12:43 PM
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Short Refi's are becoming more common but I dont think this will be one of them. Best bet is to go for the smaller less expensive home and go for a modification.
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