Some REAL examples of F@CKED Borrowers
So here goes:
- Bwr bought a condo about a year ago for 350k. did a Stated loan to 100%. Bwr needs "payment relief" (I love the way people say that...like they have a headache or something). The broker had not done a comp check yet...but either way, if they could not afford the rates they had, there is NO way they could afford them now. Not to mention the 10k pre-pay penalty (approx) and whatever the broker/title/escrow fees would have been. Just AFB!!!
- bwr NEEDS to refi and pull some cash out. They need a stated loan to 90% ltv. OK, not pretty, but I can get it done. But wait! there is a kicker......there were a "couple" (actually more like several) 60 day mortgage lates in the past 12 months. And that fico score...well it fell below 540. Sorry buddy...lots of lenders will make that loan at lower LTV's (that way, when they take your house, they don't lose any money), but at 90%...no way! Just AFB!!!
- I could go on...but I think you get the point right now.