mortgage refinancing? Is a subprime (8.25% and 12.75%) 80/20 mortgage is refinanced with success?

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This was done with unreported income, credit rating of the 635th The owner was at home 3 years, ARM has an adjustment within a year and is down on the loan is not loan.This Freddie Mac, Fannie Mae or HUD, and shave all payments on time. States lender that they can not do anything for her, she is not behind on payments for new government programs qualifizieren.Welche options? House was purchased for 250 K is now worth an estimated 200K

  1. Reply
    Agnes C
    May 4, 2011 at 12:09 am

    Probably not.

    1.The equity in the house is not there.

    2. If the income was stated, is the income actually sufficient to qualify? If so can the income be documented through the use of pay stubs, W2 froms, and tax returns?

    3. A credit score of 635 is rather low.

    Essentially there is no chance this borrower can refinance this loan.

    If the borrower cannot afford the payments on the mortgage, the options open are:

    The only chance this borrower has to keep this home is a loan modification.

    If that is not possible, and the homeowner cannot afford to make the Mortgage payments, the borrower must sell the house.

    One way to do that is what is called a short sale where the lender agrees to take less than is owed on the loan.

    The next option is a deed in lieu of foreclosure.

    If the borrower does not take one of those options and gets behind on their payments, the lender will foreclose.

  2. Reply
    Ryan M
    May 4, 2011 at 12:48 am

    Nope…not a bank anywhere that will touch that refi! She does not qualify for ANY government program because the house is WAY too far underwater, she got a “liar” loan, AND the house was not guaranteed by Freddie or Fannie. That is 3 strikes right there.

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