Posted by TC on October 02, 2003 at 10:53:15:
Thanks for the timely response Ed, I will follow up with you.
Ed - lenders in CA refi w/ NOD - 75% LTV? - Posted by TC
Posted by TC on October 02, 2003 at 08:48:21:
Hi (sorry 2nd post - I didn’t get it right first time):
I’m looking for a lender who will refinance a sfh in California that has a notice of default and is 3 mos in arrears.
-I need greater then or equal to: 75% LTV
-may be able to go full doc - borrower has 2 years steady employment
-520 FICO
-$550,000 loan amount needed
Re: Ed - lenders in CA refi w/ NOD - 75% LTV? - Posted by Desiree
Posted by Desiree on October 05, 2003 at 07:40:33:
IF you can find a broker that deals with Option 1 Mortgage Corp., you may have a deal.
Re: Ed - lenders in CA refi w/ NOD - 75% LTV? - Posted by James Strange
Posted by James Strange on October 02, 2003 at 18:27:16:
I hope that ED is able to help you with this.
What your looking for is a foreclosure bailout. Few lenders will do them. The ones that do look beyound FICO scores.
Here are some basic tips for these kind of loans.
Keep the LTV low 75% is normally the max LTV 70% or lower is better. Sometimes you can go higher but don’t count on it.
They are full doc. Not may go full doc be ready to go full doc. They may not want everything but be ready to show everything.
FICO is usually not important.
Don’t expect to pull cash out. Sometimes you can, but if you don’t it will go much smother.
The lender will want to know what has changed. If the client was not able to pay the note before how can they pay it now with a higer rate?
So it comes down to equity, ability to make the payment and story.
James Strange
Re: Ed - lenders in CA refi w/ NOD - 75% LTV? - Posted by Ed Garcia
Posted by Ed Garcia on October 02, 2003 at 10:30:15:
TC,
I?ll be in L.A. today, but will return about 2:p.m. Call me at (909) 944-0199 and we can go over your deal.
Ed Garcia