This Is A Tough One

mortgage queen · #1 (**permalink**) 08-25-2006, 12:37 PM

Greetings Everyone!

This Is My First Scenerio!

I Have Someone Who Needs To Refinance.
Mid Score 604. Lite Doc

Troubles: They Had Purchased A Time Share In 1999. After 4 Payments, They Tried To Turn It Back In After On Of Them Lost Their Job. Company Said They'd Sell It. Instead They Started Foreclosure Proceedings. The Time Share Company Ran Into Financial Troubles Of Their Own... They Finally Got Around To Finishing Up The Foreclosure Proceedings This Year. The Account History Shows 4 Payments, The Last One Made Jan/2000 Then Nothing Until They Posted On Borrower's Credit Report A Foreclosure Of A 10k Time-share That Should A The Least Be Dated For The Year 2000. They Have Been Turned Down So Many Times. This Seems So Wrong...the Company Is You Guessed It Horrible, And Will Not Own Up To Their Mis-handling Of This Account.. Any Suggestions?

brendo927 · #2 (**permalink**) 08-25-2006, 12:54 PM

I know within my company Aames we ignore any late payments on any property we are not refiancing.

. I don't know the guidelines if a broker goes through us. Give it a try it couldn't hurt to ask.

Greg · #3 (**permalink**) 08-25-2006, 07:14 PM

This should be easy...

New Century

3 years out is ok with almost anyone and are you just looking to use bank statements?

mortgage queen · #4 (**permalink**) 08-25-2006, 07:24 PM

Hello Mr. Phillips!

It's Technically Six Years Out... The Problem Is That They Put It On The Credit Report As Jan/2006, Though It Should Read 2000.

Greg · #5 (**permalink**) 08-25-2006, 07:35 PM

Oh...

Well, you should just be able to provide proof of the date of sale in writing..

Wait.. time share.. this is tricky.. how the heck would you do that... talk to some reps about this and get some idea's.. A time share really should not be considered at the date of sale like a residential property..

And how the heck is it foreclosure.. I have never ran into this.

GLOAT · #6 (**permalink**) 08-25-2006, 10:25 PM

I've got a couple suggestions.

I'm not positive, but I believe Delta Funding does not count Mortgage lates on a secondary, vacation, or investment property as actual mortgage lates, but more like an installment late. Plus, they've got flexible doc types. Don't take that as fact as I'm guessing Delta to be the Lender with that program.

Secondly, if the 01/2006 date reflects the report date and not the date of last activity you should be fine if the "date of last activity" date is in 2000. It may take some reading and explaining on your part though(Some Lenders guidelines use date of last activity to rate a trade, but I've learned that more than fifty percent of the time, I've become more familiar with a Lender's web-posted U/W Guidelines than my Acct. Exec. and/or Acct. Mgr.) This is why I say it may take some reading and explaining.

cphillips · #7 (**permalink**) 08-26-2006, 05:09 AM

Hi! Fremont will ignore a timeshare or investment Forlcosure if we are refinancing the owner occ prop. Email me if you have any questions.

Christine Phillips
Fremont Investment & Loan
cphillips@fmtinv.com

MortgageDiva · #8 (**permalink**) 08-26-2006, 06:28 AM

jEFFERSON HOME MORTGAGE DOESN'T CONSIDER A TIMESHARE TO BE THE SAME AS A MORTGAGE BECAUSE IN A TIME SHARE "TIME" IS WHAT YOU PAY FOR. PLEASE FAX ME 1008, 1003, AND CREDIT AND I WILL PREQUAL IT FOR YOU OR EMAIL ME YOUR LOS OR FNMA FILE AND I WILL GIVE YOU AN APPROVAL. HAVE A WONDERFUL WEEKEND.