15 year to a 30 year

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kalee3415

193 Posts

Posted - 07/24/2008 : 09:13:17 AM

I have a customer that I cannot refi due to ratio issues. They are SE, have their primary, and have another home that is on the market (even if it sells their ratios are too high). They had bought that house years ago for their daughter. A few years ago she (the daughter) developed cancer. For a couple of years they assited her and her family financially and also paid loads of money towards various types of treatments. Despite their efforts, she did pass away. Due the expenses they incurred and they fact they quit collecting rent on their daughter's home a long time ago they depleted their savings. They were looking to save some money by refinancing out of the 15 year to a 30 year. They have never missed a payment but say they are to the point that if they don't get relief they have no choice but to FC.

Typically I have no problems turning down someone and being done with it, but I do feel for these people. I know nothing about loan mods. Is this the type of siutation where they may be eligible? Would Wells do a 15-year to 30-year mod? If so, what direction can I point them in safely?

Thanks in advance.

lukeallison

1409 Posts

Posted - 07/24/2008 : 09:41:39 AM

What are the ratios?

kalee3415

193 Posts

Posted - 07/24/2008 : 09:51:09 AM

40/75 based off last 2 years 1040's. Like many other SE's they write off everything.