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Msa0683
20 Posts |
 Posted - 11/03/2009 : 12:42:24 PM
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I need an approval asap on this loan. 760 fico, owner occ 90% purchase,full doc. 10k monthly income in CA, 376,000 loan amount. 2 issues:
1. The spouse, who will not be on this loan has a home that is in default. She paid the mortgage for 4 1/2 years, but it was a negam loan and the loan re -casted. They tried to work with the bank, but the Bank told them that they couldn't help unless their loan was in default. She is currently working with the lender to see if they can do a short sale or any other available options.
The husband, who is the borrower here, was not on title of that property or on the loan. This purchase he is doing by himself and the wife will not be on title.
2. The property they are interested is a flip property and the seller has owned it for 1 month.
Please let me know if you can work with one or either issue. Please e-mail me at Msa0683@yahoo.com |
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Captain Mortgage
2559 Posts |
Posted - 11/03/2009 : 12:48:19 PM
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was the husband ever on title or was the title always vested as Married woman sole and seperate?
CA is a community property state, so you might have some issues with that. |
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Msa0683
20 Posts |
Posted - 11/03/2009 : 12:54:42 PM
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Hi Joel
The title was always Married woman sole and seperate. The husband was never on title. Let me know if you can help.
Mariam |
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hmorales007
491 Posts |
Posted - 11/03/2009 : 9:17:01 PM
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90% LTV Investor Flip? HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA HAAAAAAAAAAA No problem - First Franklin, WMC, World Savings, and Centex can fund this - check them out at www.mortgageimplode.com for their latest contact information
quote:
Originally posted by Msa0683
I need an approval asap on this loan. 760 fico, owner occ 90% purchase,full doc. 10k monthly income in CA, 376,000 loan amount. 2 issues:
1. The spouse, who will not be on this loan has a home that is in default. She paid the mortgage for 4 1/2 years, but it was a negam loan and the loan re -casted. They tried to work with the bank, but the Bank told them that they couldn't help unless their loan was in default. She is currently working with the lender to see if they can do a short sale or any other available options.
The husband, who is the borrower here, was not on title of that property or on the loan. This purchase he is doing by himself and the wife will not be on title.
2. The property they are interested is a flip property and the seller has owned it for 1 month.
Please let me know if you can work with one or either issue. Please e-mail me at Msa0683@yahoo.com
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KHufford
10407 Posts |
Posted - 11/03/2009 : 9:59:02 PM
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quote:
Originally posted by hmorales007
90% LTV Investor Flip? HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA HAAAAAAAAAAA No problem - First Franklin, WMC, World Savings, and Centex can fund this - check them out at www.mortgageimplode.com for their latest contact information
quote:
Originally posted by Msa0683
I need an approval asap on this loan. 760 fico, owner occ 90% purchase,full doc. 10k monthly income in CA, 376,000 loan amount. 2 issues:
1. The spouse, who will not be on this loan has a home that is in default. She paid the mortgage for 4 1/2 years, but it was a negam loan and the loan re -casted. They tried to work with the bank, but the Bank told them that they couldn't help unless their loan was in default. She is currently working with the lender to see if they can do a short sale or any other available options.
The husband, who is the borrower here, was not on title of that property or on the loan. This purchase he is doing by himself and the wife will not be on title.
2. The property they are interested is a flip property and the seller has owned it for 1 month.
Please let me know if you can work with one or either issue. Please e-mail me at Msa0683@yahoo.com
I can do this loan no problem if you want to refer it out.
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