Tough loan scenario

ncredithl · #1 (**permalink**) 12-20-2005, 02:34 PM

I have a case in Ohio. FICO is 516 mid, with 1/60 and multitude 30's. Owe 295K and appraised at 340K. Need a 90% LTV. Need to close ASAP!

If not available, who would do a stand alone 2nd for like 30K to catch up bills? Continue on loan for 2 years and then refinance? Who will touch this??

Thanks.

macp · #2 (**permalink**) 12-20-2005, 03:18 PM

For a stand alone second I would try GB home equity or Aegis
Try some hard money lenders like Imperial Lending or Eastern Savings

Greg · #3 (**permalink**) 12-21-2005, 05:10 AM

GB no mac. 620 minimum. They have tightened up more and more these days.

Aegis Funding possibly.

What is the high score too?

ncredithl · #4 (**permalink**) 12-21-2005, 08:33 AM

High score is only 535 and 540. How can I get the scores raised quickly?

macp · #5 (**permalink**) 12-21-2005, 09:41 AM

Try doing a rapid rescore. I am not sure who you pull credit with but check there website and see if they have the "What If" simulator. Its a program that shows you what to pay off in debt to raise someones score but your borrower needs money to pay off this debt.

You can try www.optoutprescreen.com people swear by this site but I am unsure of it. You opt out from getting credit card offers and your score will raise in 3 days. I have not done it myself, so I am unsure.

Greg · #6 (**permalink**) 12-21-2005, 10:33 AM

Hmm lol. Might be worth trying out myself.

You do what is called a "Credit Update" to remove debts reporting incorrectly. After the report is cleaned up and accurate you can do a "Re-Score"

But, this is with your credit and most sub-prime use their own so it may be pointless and expensive!

Tracey · #7 (**permalink**) 12-30-2005, 10:52 AM

I maybe able to help the client reduce some of the bills if they are delinquent before paying them off. We can generally save a client 30% - 70% off their debts and we don't charge anything upfront. Give me a call for additional details.

Tracey 888-883-3287 Ext 1026