Common Sense FHA Needed

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rjkleiner

4 Posts

Posted - 07/23/2008 : 09:21:24 AM

I have a loan that I believe in and am asking for input on possible Lender.

SFR Value $140,000
First Franklin ARM Balance $110,000 Payment $1309.00 P.I.
10 years on W-2 Job 50k per year.
No recent Comsumer credit lates.
3 open established Consumer Credit Accounts Paid as agreed.

Heres the RUB : In 2005 this property was purchased with the First Franklin 3/27 ARM. The borrower got into trouble with the loan back in 6/2006. He fell behind and contacted the bank as he was facing possible foreclosure. The bank restructured his payments and he has been playing catch up ever since without missing a payment. The credit report, of course, shows this account rolling lates from 120 down in 2006 to 30 down now. The borrower has all documentation to show the agreement with bank and again has not missed one of the new payments since the payments were restructured.

His credit score is 546

Now here is a person that would truely benefit from a FHA loan that would lower his payment drastically. I have not been able to find a lender that will look at this deal unless Automation takes it.

His ARM loan is about to explode with the pending adjustment.

I hope someone can point me in the right direction.

Thanks