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Hi! I hope your Thanksgiving Weekend wasoutstanding. Trying to help a client, and I am stuck...need a fixed second or HELOC that can fit with the below features:
California Property
SFR
Refinance—Cash Out
Appraised Value = 680K
Loan Amount = 155-160K
LTV/CLTV = 50.59/74.26
Mid Score = 680 (this can be improved)
DTI = 47% (this can be reduced)
Here is what I am up against: Client went through a divorce,did a strategic Chapter 13, which is fully seasoned. However, in thedivorce, the spouse was awarded the current residence. The home wasforeclosed upon…spouse walked away from the home; the mortgage was listed inthe Chapter 13, but was not discharged. Foreclosure was ‘finished’ in1/2011, but not recorded until 3/2012 (so we are short of the 7 yearsneeded). I can do the first lien, FNMA with Extenuating Circumstances(with the use of the Divorce Decree) under R/T or limited cash out, but need a second to take care of what the client is trying to accomplish financially.
I appreciate your help. Please let me know.
Last edited by Fitzzy; 11-25-2017 at 03:05 PM..
Reason: Looked like the post had FONT/SIZE alerts all over
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