“Easy? NO, but it’s Possible”
Joe,
I have a client who was in today and a bit desperate to find a way to refinance her primary residence.
This is a messy one, I told her it is not likely but that I would run it by you. I know that if you say it can’t get done, no one can do it. At least this way she definitively knows where she stands and can plan accordingly. As always thank you sir!
We are fortunate to have lenders that are willing to take risks on loans that most banks and lenders would not consider. Some may not consider because they need to be assured that if there is ever a default there is enough equity that they can get their money back and a fair return for the risks that are taken.
This client is just about in foreclosure. 6 months behind on their 2 mortgages. This happens to be one of those stories about when bad things happen to good people. They have a lot of equity and the issue that caused the problem has been resolved. Their interest rate is going to be 8.75%.
If they make their mortgage payments on time for 12 months I can refinance them into a new mortgage at a “normal” interest rate. They will save their equity and totally avoid going into foreclosure.
Image courtesy of StuartMiles/freedigitalphotos.net
