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TSVHOMES
180 Posts |
 Posted - 08/21/2008 : 08:37:00 AM
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| i have a client who has 2 loans with countrywide on a single family home. He needs to refi b/c the 1st lien is due to adjust this month. He has a 655 score & is full doc. The only problem is he has no social so we can't go fha. He has established credit & purchased this house under a tax id#. What banks out there will do this deal with no social. If Countrywide did it, there has to be another bank out there that'll do it. Help guys! |
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patty3124
118 Posts |
Posted - 08/21/2008 : 09:36:34 AM
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| I ahve also been wondering that and have not found anyone out there. He might have to modify his loan. |
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TSVHOMES
180 Posts |
Posted - 08/21/2008 : 10:49:13 AM
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MODIFY?
YOU MEAN LIKE RESET HIS MORTGAGE? HOW DOES THAT WORK? CAN WE EARN ANYTHING ON THAT?
MORE INFO PLEASE. |
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Agent_Mike
1033 Posts |
Posted - 08/21/2008 : 10:53:53 AM
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I'm not aware of any banks that are able to do refi's with no social. There used to be foreign nationals programs - but that was primarily for purchase and now it's gone.
Tell the person to try and get a loan modification. Loan modification involves the lowering of rate, principle balance, or setting the loan to 40 years to make the payments more affordable. The lender has to do it for them and the client can try to do it themselves or get a loan modification company to do it.
If you are asking what is a loan modification, you certainly should not be doing it. Refer the client to contact the lender if they're savvy or to a company that handles loan modifications. They charge anywhere between 1500 - 5000 per mod. |
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TSVHOMES
180 Posts |
Posted - 08/26/2008 : 2:25:42 PM
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| THANKS FOR THE INFO. |
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dtabar
1149 Posts |
Posted - 08/26/2008 : 2:37:54 PM
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| In some states there are major legal ramiifcations if you're not properly doing a loan modifcation. |
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TSVHOMES
180 Posts |
Posted - 08/26/2008 : 2:42:10 PM
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| I DON'T KNOW TOO MUCH ABOUT LOAN MODS. I THINK I'LL JUST REFER THE BUSINESS TO SOMEONE WHO DOES. DO YOU KNOW ANYONE? |
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nofeebkr
63 Posts |
Posted - 08/27/2008 : 09:42:38 AM
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Why not advise this person to go down and obtain a SS #? After all they already have a fed id #. FHA will also accept a work visa as will as a the fed tax id #. Is he self employed? Full doc tells me that you have tax returns and proof of income. What is the LTV? and are his DTI ratios in line? If you have these things in order, it can go FHA, but the lender may not want it. That's where most of the problems lie. quote:
Originally posted by TSVHOMES
i have a client who has 2 loans with countrywide on a single family home. He needs to refi b/c the 1st lien is due to adjust this month. He has a 655 score & is full doc. The only problem is he has no social so we can't go fha. He has established credit & purchased this house under a tax id#. What banks out there will do this deal with no social. If Countrywide did it, there has to be another bank out there that'll do it. Help guys!
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drichey
28 Posts |
Posted - 08/27/2008 : 09:46:30 AM
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| They need to get a social security number, CITI started a deal for me and for closing I had to prove a social, si my client worked on getting his number while we were processing the loan. |
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TSVHOMES
180 Posts |
Posted - 08/27/2008 : 1:53:29 PM
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I WAS TOLD THAT FHA WOULD NOT TOUCH THIS DEAL WITHOUT A VALID SOCIAL SECURITY NUMBER.
ISN'T THE PROCESS TO GET A SOCIAL A LENGTHY ONE? I WILL CONTACT MY REP AT CITI TO FIND OUT IF THEY'LL TAKE THE FILE. THANKS FOR THE FEEDBACK GUYS. |
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lemeuss
1862 Posts |
Posted - 08/27/2008 : 1:56:18 PM
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quote:
Originally posted by TSVHOMES
If Countrywide did it, there has to be another bank out there that'll do it. Help guys!
No one can do what Countrywide can! : ) |
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rohan
15 Posts |
Posted - 08/28/2008 : 11:47:10 AM
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advise the client to contact countrywide to do a modification.i had a borrower that i couldn't do a thing for and i advised her to call her bank, within a week they got her into a fixed rate. |
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TSVHOMES
180 Posts |
Posted - 08/28/2008 : 12:09:33 PM
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THANKS ROHAN!
I'LL INFORM THE BORROWER, SINCE IT LOOKS LIKE THERE'S NOTHING I'LL BE ABLE TO DO FOR HIM. |
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