Posted on: 30th Dec, 2008 06:20 pm
is their any cash out refinance mortgage product to help this situation in ny?...i am seeking an equity based loan (second lienholders position) or cash out refinance mortgage product on behalf of my father
the property
7.4 acres with a small house on it occupied by my retired father - age 60, to be 61 in feb - this is in albany county ny
the good
1)good frontage on rt 9w near a new wal mart just south of albany, 9.5 acres seperated from his property only by a fence sold for 750000 a couple years ago (although that property already had approvals for townhomes which his does not - zoned rural) but this makes for a decent comp as his property has not been appraised in ages
2)he has never missed a payment on anything ever with a credit score in the 700 range
3)the only debt attached to the house and property is a 76500 heloc
the bad
1)he has been retired for many years and is not yet collecting social security so he has not income (on paper) - as a retired organic farmer (the property is an old farm) he gets consulting work from time to time but it is not claimed on taxes, his tax returns from the last two years show huge capital losses from stock sales
thats it for bad
the problem is without an income on paper i am having difficulty finding a product to help him even though their is a vast difference between the amount of the current lein on the (property) and what his property is worth or even what it would sell for in a (worst case scenario) forclosure situation
i cannot find even a hard money lender in this county that deals with loans as small as he needs
basically he is anticipating running into problems making his heloc payments in the near future and trying to get out ahead of it by tapping some more equity out of his property - his current heloc is with key bank who didnt even bother to appraise his property when they gave it to him, doing a "drive by" instead, but they are unwilling to consider the value of the property as a whole, only the home, and unwilling to raise his heloc to a higher percentage of the (home only) value without proof of income
any options would be appreciated - seems like a stated income cash out refinance would work if they still exist?
if you can do business with him let me know and i will pass off his contact information
the property
7.4 acres with a small house on it occupied by my retired father - age 60, to be 61 in feb - this is in albany county ny
the good
1)good frontage on rt 9w near a new wal mart just south of albany, 9.5 acres seperated from his property only by a fence sold for 750000 a couple years ago (although that property already had approvals for townhomes which his does not - zoned rural) but this makes for a decent comp as his property has not been appraised in ages
2)he has never missed a payment on anything ever with a credit score in the 700 range
3)the only debt attached to the house and property is a 76500 heloc
the bad
1)he has been retired for many years and is not yet collecting social security so he has not income (on paper) - as a retired organic farmer (the property is an old farm) he gets consulting work from time to time but it is not claimed on taxes, his tax returns from the last two years show huge capital losses from stock sales
thats it for bad
the problem is without an income on paper i am having difficulty finding a product to help him even though their is a vast difference between the amount of the current lein on the (property) and what his property is worth or even what it would sell for in a (worst case scenario) forclosure situation
i cannot find even a hard money lender in this county that deals with loans as small as he needs
basically he is anticipating running into problems making his heloc payments in the near future and trying to get out ahead of it by tapping some more equity out of his property - his current heloc is with key bank who didnt even bother to appraise his property when they gave it to him, doing a "drive by" instead, but they are unwilling to consider the value of the property as a whole, only the home, and unwilling to raise his heloc to a higher percentage of the (home only) value without proof of income
any options would be appreciated - seems like a stated income cash out refinance would work if they still exist?
if you can do business with him let me know and i will pass off his contact information
i misspoke on one aspect of this posting - my fathers tax returns would show nothing for the last two years...the stock sale was further back - no income from sale of stock for the last two years...no income (on paper) at all although he does some consulting contract work
hi upstatefarmer,
i can understand your father's situation. but i feel it will difficult for him to get a second mortgage as he will not be able to show any income on paper. lenders in today's market will not give a loan in such a situation. moreover you have also mentioned that he does not even have a social security income. so, i guess, things will be difficult for him.
however, if your credit score is good and if you have a steady income, you can co-sign for him and help him taking a loan. you can speak to the lender and check out if your father can qualify for a stated income loans.
thanks
i can understand your father's situation. but i feel it will difficult for him to get a second mortgage as he will not be able to show any income on paper. lenders in today's market will not give a loan in such a situation. moreover you have also mentioned that he does not even have a social security income. so, i guess, things will be difficult for him.
however, if your credit score is good and if you have a steady income, you can co-sign for him and help him taking a loan. you can speak to the lender and check out if your father can qualify for a stated income loans.
thanks
Are you saying that the loans are greater than the property value? If that is the case, then the property cannot be refinanced regardless as to whether your dad can show income.
If that is not the case, then he may be able to get a stated income loan.
Eric
"http://www.dreamhomefinancing.com"
[Link deactivated as per forum rules. Thanks.]
If that is not the case, then he may be able to get a stated income loan.
Eric
"http://www.dreamhomefinancing.com"
[Link deactivated as per forum rules. Thanks.]
