One score home in trust looking for refi

LWelch · #1 (**permalink**) 02-23-2006, 06:55 PM

Okay this has been a HARD deal! I have full package and no place to go. Customer has only one CBI of 574. I only need LTV of 60%. Problem #2 home is in a trust...Mother and father passed away in 1995. Left home too two brothers and two aunts. One brother my customer got loan in 2003 all partys signed legals. Customer wanting to refi now and I can't find a lender who will to this. Any ideas????

Lenders who are okay with trust wont due because of one CBI score.
Lenders who will do 1 score wont do because of trust.

Thanks
Lisa

Erik · #2 (**permalink**) 02-23-2006, 08:20 PM

What are the options for taking the home out of trust to refinance? Is that even an option?

LWelch · #3 (**permalink**) 02-23-2006, 08:54 PM

Wish it was. Trust disolves when customer turns 35 in 3 years.

Thanks

brendo927 · #4 (**permalink**) 02-27-2006, 11:23 AM

probate laws are a bitch.

LWelch · #5 (**permalink**) 02-27-2006, 12:55 PM

The title states that this is a Testamentary Trust which evidenced by at will from a woman that died in 1995.

Any help or any lender would be wonderful at this point.

Thanks

LWelch · #6 (**permalink**) 03-02-2006, 09:46 AM

I had and idea! Customer has open zero balance credit card. I told him to use it to try to get a second score so I can close this loan. Or brother lives with him makes more money , I suggested we add him to the loan. Since real problem I have is one bank will do trust but must have two scores, and banks that will do one score will not do trust.

But any other ideas?

Thanks
Lisa

FremontJames · #7 (**permalink**) 03-02-2006, 09:59 AM

We do the deal with one score. But obviously the tricky part is the trust. We ould need to take it out of trust in order to close, but you could put it right back into the trust after we close. Obviously, all interested parties must either sign or relinquish interest at close.

Would that work?

LWelch · #8 (**permalink**) 03-02-2006, 10:04 AM

All parties were and are willing to sign at closing. I don't know how to take it out of a trust. ???

Thanks
Lisa

This would be a loan in state of VA. And you are more than welcome to call me at 540-890-4486

QHL David · #9 (**permalink**) 03-02-2006, 01:54 PM

I can help you on this if the property is located in Ca.

Call or email for pricing.

David Pickle
Acct. Exec.
Quality Home Loans
818-206-7968 Direct
dpickle@qualityhomeloans.com

LWelch · #10 (**permalink**) 03-03-2006, 09:50 AM

I wish! I am in VA and so is property. But thanks for trying!

Lisa