FB's and comments/feedback
ANYWAY...but since I know everybody loves a good FB story, I have a few quickies to share.
I get a call on this one secnario. 2 borrowers. Primary borrower has credit in the mid 600's and the co-bwr has credit in the high 500's.
Ok, no problems yet.
The LTV was less in the 70% range and they had a BK almost a decade ago.
Things still looking good.
They were trying to go full doc, but looking at the income they had (about 5k a month between them), they were probably going to come up short on the 400k loan amount.
That might be an issue...buy hey! ...there is always 'stated' income ;)
THEN they tell me there is one other 'little' thing. Let me tell you something...when somebody says a 'little' thing...it usually isn't!! Turns out the borrowers are being foreclosed on NEXT WEEK...and the Notice of Default (NOD) was sent a little while ago.
Sooooo, needless to say, I can't do much of anything once the NOD has been launched and the foreclosure process starts in a week. But besides that, I don't think there would have been a way for the borrowers to afford the payments either. $5000 a month incomes don't "afford" 400k loans...especially with those fico scores and mortgage lates (prior to the foreclosure).
I looked at another loan where the borrower was going stated with a Fico in the high 500's. The only problem was that they wanted a loan to 98% LTV. "They needed some cash"....don't they all. Might as well take it to 100%, no sense in refinancing to leave a few measly grand on the table. Needless to say, I can't do stated loans to that high of an LTV anyway...but the 550k loan amount helped to put another nail in the coffin.
I looked at a few other 'ugly' loans, but nothing that really put the borrower in an FB type position.
Now I want to hear from you. What do you like/dislike about the site? Do you like the wider format? I have a 17" flatscreen and I think it reads better. Anybody on laptops or smaller screens that are having problems?
What do you want to hear more about? What are you tired of hearing about? What can I do to make the site better?
I look forward to the comments and feedback...
Thanks for stopping by!!