I have a client that had a foreclosure in august 2007—-on an investment property—now he wants to refi cashout primary, don’t know scores…but can it even be done….he needs to payout wife in divorce….do you think possible?
Diana
Comments
no chance im H–l. The note will show the foreclosure on his CBR. he has no shot for the next 4 years and maybe longer if they change the rules and we all know they change daily
No way. Refi loans are becoming scarce as hen’s teeth, and this guy has a foreclosure on his record. A responsible lending institution is going to need to believe it will make money on the loan and that the loan will be paid. Someone who has had one foreclosure is more likely than the average bear to have another one.
No good lender is going to give someone cash out or even no cash out loan with a foreclosure during the last 3 years. A recent foreclosure disqualifies him automatically for a conventional or government (FHA/VA) loan for 3 years. Even before the subprime loans went away- a foreclosure in the last 2 years was an declined loan. His scores are shot for sure. Sorry I don’t have better news.
