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Go Back   Mortgage Forums for Mortgage Brokers > Mortgage Business > Loan Scenarios and General Mortgage Talk

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  #11 (permalink)  
Old 01-16-2008, 09:31 AM
quick2close1 quick2close1 is offline
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Very sad, very bad, swswsw

Thanks for all the help on this forum. Looks there isn't anything this lady can do. I feel bad because she has 6 people to support in her house. You know I would go into a deep depression in her state. Just imagine... watching your kids become adults in one house. Then one mistake from a financial institution can make all those memories dissappear.

I also just got an app from a retired couple they have had their house for over fourty years. "lets go over to grandpas house kids" wait we cant its being repossessed. In this situation the couple had become retired on fixed income for only 1800 a month combined there rate just adjusted and now the payment is 1400 with taxes and insurance. They are too old, their just too old. (happy gilmore) I really hope that all the LO's work responsibly, we as loan officers have alot of responsibility, and an opportunity to make alot of money. Especially with option arms. Dont work with your bank account thinking for you, with out your conscious behind you.
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Old 01-16-2008, 09:43 AM
Don Don is offline
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the retired couple on the fix income seems like the perfect scenario for the fha secure, have you looked at this option
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Old 02-16-2008, 04:53 PM
loanscenarios2 loanscenarios2 is offline
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This requires experience with this type of borrower why dont you send me a private email and I will assist you in what I do with my borrowers. lloans@comcast.net

I have been working with this type of client for years.
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Old 05-16-2008, 04:06 PM
ravi.inuva ravi.inuva is offline
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Were you able to go FHA secure on this??? You can go subprime on this one, but rates are going to be pretty bad in the 10's

Quote:
Originally Posted by quick2close1 View Post
What DO I DO?

My clients rate adjusted a while ago. Shes totally screwed

Heres her scenario

519 Mid score

1x30 on the second mortgage in may 2007

The loan amount is 224710.00

SFR

O/OC

And the home is worth $350,000.00

I dont know what LTV to go with out knowing if any lenders out there can even touch this loan she has no reserves.

I could really use the help and so could she.
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