? for mortgage brokers - Posted by doone

Real Estate Investing
#1

Posted by Sandy on April 10, 2000 at 22:04:51:

If they are in foreclosure, then no other mort. company is going to make a loan. The credit is evaluated in this order, house or rent, auto, consumer debt, then medical. Someone has to have 12 consecutive months of on time house payments or they can go to a subprime, but that takes a lot down because it’s lower ltv. If that kind of money was available, they would cure their existing loan and be much better off. The best for people going into foreclosure is to have someone save their credit so that when they get back on their feet they can buy another house without a black cloud of foreclosure over them.

#2

? for mortgage brokers - Posted by doone

Posted by doone on April 06, 2000 at 17:32:29:

Hi,

I will be talking with people that are in preforclosure. I’d like to be able to help them keep their house before I try and buy it. Do some mortgage brokers pay a referal fee?

Doone

#3

Re: ? for mortgage brokers - Posted by mtgbrkfla

Posted by mtgbrkfla on April 11, 2000 at 14:59:34:

RESPA the Real Estate and Settlement Procedures Act outlaws any referal fees paid to anyone from a broker- sorry.

There are foreclosure bail out Lenders who will save your people. The problem is that the LTV they offer is only about 70% max.

If that works, your people can be in active foreclosure and have scores as low as 480.