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Is there any company that can do No Income Verification Mortgage Loan?

Hi, we don't have a mortgage on the house anymore but we have a HELOC. We like to refinance our home but are having problems to get No Income Verification Loan from any banks because our personal business is not doing well at all. We have assets: two houses and some lands that have been paid for but very little cash.We really need to refinance the house because we can not afford our monthly payment from this HELOC loan. Please, advise.Thank you.Susan
  • July 06 2009 - US
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Answers (9)

Alexander,
Seriously.......... 6 contributions and 6 spams.  This one is to a 4 yr old post.
  • September 19 2013
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[Promotion and website deleted by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • September 19 2013
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you should speak with the current lender (on your HELOC) they will work out a program with you .call them and let them know what is going on I had client same problem monthly payment more than $ 2200.00 a month lost his job and he was late more than 4 months now he is paying $ 400 amount and they cut his interest rate to 3.5 % and the balance is due when he sell the property or refinance.Or if you have good asset you can try private money lender but it would coast much more.
Good luck.
 
  • July 09 2009
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Susan

I am new to Zillows Mortgage Market Place but I am not new to mortgages. Although according to Reg Z there is no longer STATED income loans, I have come accross two lenders who are still doing them. The rates are not really that bad either, 7.25% on 30 Year fixed with no Prepayment Penalty and at 1.5 Points buy down.

I never really did a lot of Stated income loans myself because I have always been doing only "A" Paper purchases since 2003, and then refinances of those borrowers. I was skeptical myself when I first came accross this on another blog called Brokers Outpost, but I contacted the lenders directly and grilled them, they assured me it could be done. One of them is the lowest Private Equity I have seen, LTV's can go all the way up to 80% and there is no 4506t ran. The other one is an actual bank that does run a 4506t form. A 4506t is a form used to check with the IRS if what is shown as income is true.

Tell your broker to go to either Luther Savings Bank or PSC Bankcorp.

Good Luck, I hope this helps.


 
  • July 09 2009
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Private money is your best bet to borrow money from your property but be prepared for 12% & 5 points.  Keep in mind that this is not permanent financing.  I have seen many people get these types of loans and end up losing the property to the investor in foreclosure in the end.  12% swallows equity very quickly.
  • July 09 2009
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Hi Joseph,

We are under 62 years old
  • July 06 2009
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Are you and your husband older then 62? 
  • July 06 2009
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Susan,

No conventional lenders offer a No Income Verification, No Doc or any Stated Income variety any more.

You may be able to get a private money loan at 5 points and around 11.50% that would pay off your HELOC  and maybe pay your first 12 to 18 months of payments, but what would you do after your payments kicked in? You would need an exit plan. .... Happy funding, Rudi Hofmann
  • July 06 2009
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How do you intend to repay the new loan if you don't have sufficient income to qualify for the payment?
  • July 06 2009
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