Need HELOC As Foreclosure Bailout
Hello all and Happy Holidays! I am a Mortgage Broker and one of my clients is in foreclosure. Refi bailout attempts unsuccessful.
Anyone know of a lender offering HELOC's to bailout of foreclosure?
Thanks, all suggestions are greatly appreciated. 
No i dont. but, i have a question for you
If they cant pay the mortgage how can they pay on a HELOC? Wouldnt that just make things worse?
[addsig]
Depending on the LTV I may have a broker that can refi. They are a subprime lender with no PMI
Sounds like a Subject 2; too me. Most people on this site may tell you the best they can do is save the credit of the homeowner, but they will still have to move out.
What is the creditscore? I have a subprime lender who refies up to 95%.
Let me know if you need help.
Eleni
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I think you need a hard money private lender who is prepared on subsequent failure to pay to start a foreclosure on his note.
This is only to buy time if you think time will be helpfull.
You really need someone who with full knowledge of the prior default is still willing because the equity is there, to involve himself in the hope of a future capture of that equity. It is a tough road to hoe, but sometimes this is all that is left, other then a fast and furious sale of the house.
It is so fraught with future non performances that I usual back the lender with a full recourse and then I will go for the property if it defaults and my lender makes his interest return and is happy secure in the knowledge that with my recourse he cannot loose.
With great care. Lucius
This company just closed a deal 75% LTV foreclosure refinance bailout
[ Edited by aressllc on Date 09/23/2004 ][ Edited by aressllc on Date 09/23/2004 ]