Posted on: 08th Sep, 2010 11:51 am
I have a client whos lender has agreed to a short pay. In essence selling to the home owner for tha amount of the bpo. that would mean the home owner can buy the note for about 50% of FMV. Can anyone finance that for the client. They have good income.
Hi ray!
Welcome to forums!
If there is already a mortgage on the property, then I don't think that the other lenders will finance it any more unless there is equity in it. However, your client can check out whether or not he can get a private lender to finance this short pay.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there is already a mortgage on the property, then I don't think that the other lenders will finance it any more unless there is equity in it. However, your client can check out whether or not he can get a private lender to finance this short pay.
Feel free to ask if you've further queries.
Sussane
no other financing on this. After the loan the LTV would be about 60%. It is really a very good deal for a lender or investor.
Ray I'm surprised you're not on one of those broker forums shopping this loan. We have several lenders who participate in these forums, of course; but you're not likely to find many nibblers here.
