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Answers (7)
- Patsy23
- Contributions:5
Stop spending so damned much
- Charlie Sparks, "Charlie Sparks"
- Contributions:73
Hi dj012,
Mortgage brokers are restricted by their lenders when it comes to debt ratios and other factors. I would recommend working with a reputable mortgage bank where guidelines are looser. This isn't to say that we can do anything, but since loans are sold directly into the secondary market there are no 'middlemen' to impose further restrictions.
Regards - Charlie Sparks - Albuquerque
Mortgage brokers are restricted by their lenders when it comes to debt ratios and other factors. I would recommend working with a reputable mortgage bank where guidelines are looser. This isn't to say that we can do anything, but since loans are sold directly into the secondary market there are no 'middlemen' to impose further restrictions.
Regards - Charlie Sparks - Albuquerque
- Daves360
- Contributions:238
Thx Chip, it's on my website, thought it better to post URL than actual phon#, but what the heck: [content removed by moderator for being self promotional]
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Nice business plan Dave! Are you going to charge them for helping with a Modification? Or are you just hoping they won't get one so you can get a commission on a short sale?
- Daves360
- Contributions:238
[content removed by moderator for being self promotional] First, you exhaust your lender options for refi - I can refer you to brokers who may be able to get it done. Second, you negotiate with your bank for a loan modification, which is a good option for you. Third, you may have to sell your house either on the market or to an investor, [content removed by moderator for being self promotional], to make sure you do not get foreclosed on! You can control the outcome, but you have to be proactive. [content removed by moderator for being self promotional]
- dj012
- Contributions:2
No lates. Current. Not an ARM. Conventional loan. NOT Fannie Mae or Freddie Mac. Primary residence. Loan to value is under 80%. Self employed. Credit is 695 and 710.
- Ed Allbright, "Colorado Mtn Lender"
- Contributions:52
You need to supply more information if you want an resonable answer.
Is your current mortgage an ARM (how long and is it Interest Only) or 30 yr fixed? Is this your primary home, and how long have you lived there? What is the current value of the home (best guess)? If you are unemployed now is there a prospect for new employment? How is your credit: Excellent, Poor or Good?
Do you know if Fannie Mae or Freddie Mac has your loan? http://loanlookup.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
Ed
Is your current mortgage an ARM (how long and is it Interest Only) or 30 yr fixed? Is this your primary home, and how long have you lived there? What is the current value of the home (best guess)? If you are unemployed now is there a prospect for new employment? How is your credit: Excellent, Poor or Good?
Do you know if Fannie Mae or Freddie Mac has your loan? http://loanlookup.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
Ed
We have a 1st of 163k & a 2nd of 42k. Our income is not enough to qualify for a refi. What do we do?
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