Question for the veterans.

[quick2close1]

Hey guys I have had some problems with people with low credit. I was thinking about away around it. My question is: Is there a way to put someone else on the loan with good credit and refinace their house while the owner is on title or co borrower. I am not sure because most banks need to have the person seasoned on title for 6 months or more.

Is there any other way around this problem with out sending them to a credit repair company?

Thanks guys!

[GLOAT]

Yes, it's called a "non-occupant co-borrower". Novastar will allow immediate family member on loan, average there scores-average your borrowers scores-add the two together and divide by 2. Delta also allows "co-signors".

[Secret!]

Originally Posted by quick2close1

Hey guys I have had some problems with people with low credit. I was thinking about away around it. My question is: Is there a way to put someone else on the loan with good credit and refinace their house while the owner is on title or co borrower. I am not sure because most banks need to have the person seasoned on title for 6 months or more.

Is there any other way around this problem with out sending them to a credit repair company?

Thanks guys!

Yep, learn to say "NO" and move on to more productive activities, like advertising for better quality applicants

[BrianAber]

Hi,

Obviously being in the credit repair industry I'm a bit biased, but I honestly believe the work done by us and a portion of other credit repair services is vital. Did you have a bad experience? Which company put you off?

A few years ago before I started working for HTDI I signed up with Lexington Law and they did a horrible job for me so I understand your hesitation. The way the market is acting right now though I believe that there will be a HUGE need for credit repair.

I'm not here to advertise myself, but I do recommend if you do get the point where you work with a credit repair service you do a good amount of research on what their deletion percentage is, whether they have full disclosure with the client, and if they have any access to proven results.

Thanks and feel free to e-mail me or even call if you have any other thoughts.


Brian C. Aber
brian@htdifinancial.com
310-279-8668

[Hamburn2]

I agree with Secret. One of the hardest things about this business is learning how to push aside tough and time consuming loans in order to make way for easier more profitable deals. The longer you spend on those loans, the less time you are spending prospecting new loans. Good luck!!

[Greg]

Gloat helped you out. Thanks Gloat.

There is still some good sub-prime loans to be done. You cannot judge the whole sub-prime market as a loan officer and start denying people when you may have products available. It is called discrimination. Fair Lending.

Yes if there is nothing available then stop fitting a square into a circle and cut them loose.

I have a guy who my boss deals with for credit repair and he also had him fix up his credit a bit. There are good ones. Brian comes off as one I could trust and I am going to try him. I will call you though Brian. :-)

[BrianAber]

Greg,

I very much appreciate your comments and look forward to an honest and lucrative business future with you and your colleagues. This is a finicky business and I appreciate the opportunity to earn your trust and respect.

Hope you enjoyed your holiday weekend and I look forward to hearing from you.

[elle]

Are you FHA approved, you can use non occupant co-borrowers as long as they are family members.