Someone Needs Help With Refinancing!
I have someone who is in need of refinancing. I am not sure if this is possible.
Person filed Ch. 13, home was almost foreclosed. They wanted to do refinancing to lower the payments.
Can this be done. PM me with details if you know of a mortgage company who can assist this person. I will exchange info to you.
That will be tough, but your best bet is going to be a mortgage broker. Just don’t expect a low interest rate. Most likely you can find a whole list of brokers in any Real Estate Magazine, Paper, or simply call through the phone book and ask: do you do loan with a BK on credit. They will tell you right then. If they do get the information and details and go to the next one.
Has the bankruptcy been discharged, and what LTV would they need?
There are a number of mortgage companies that will re-fi someone with recent BK, however rates and fees will be significantly higher than what your client sees in his local paper.
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These are very hard to do. I know of one lender who is the go to lender of these. But most of these do not have enough equity. The LTV needs to be 65-70%.
So if they do not have 30 to 35% equity and a good reason forget it.