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fredduncan · Joined: 30 Oct 2008 Posts: 2 2.30 Dollars($)

Hello! I have a home valued around 180,000. I owe 23,400 on the home. Yesterdays high credit score was 763. I am going through a divorce and need to pull out 70k to settle with the wife (36,000), payoff existing mortgage (23.400) and put up for a rainy day what is left after financing cost.....

My problem is that I'm self employed as a fishing guide (11yrs) and my income on my taxes will not support new guidlines.............

I have tried so hard to do what would've been simple a year ago but now is begining to seem imposible.. I'm about at my end....

Is there anybody out there that can help me? I wish to re-fi for 30 yrs/fixed.

thankyou everybody!

gmakerley · Posted: Thu Oct 30, 2008 6:42 am Post subject:

fred, there still exist some stated income products, and based on your description, you'd qualify easily (score, ltv). yesterday, i heard that these products are going away, however; and quickly, supposedly.

the target date for their elimination is said to be 11/15, which would ostensibly mean you'd have to close by then. that's more than a little tight. i don't have verification of this fact yet, but have asked one of sales managers to provide me with the announcement(s). if i can update, i will do so gladly.

kpatrick · Posted: Thu Oct 30, 2008 6:56 am Post subject:

Hi Fred,

George is correct, so time is of the essence. I am checking with my Products Manager to get the specifics on your options. I am located in Atlanta, and if we can find something that works, we can close loans in a minimum of 7 working days, so it is possible, but you would have to move quickly.

Kim

chrisburns · Posted: Thu Oct 30, 2008 8:05 am Post subject:

Fred,

I spent the entire day looking for a loan for you yesterday. The best I could find was a 5/1 arm at 9.8% that we spoke about. Sad

If that is an option you might be able to work with please call and we'll get it set up for you.

gmakerley · Posted: Thu Oct 30, 2008 8:20 am Post subject:

wow, chris - 9.8%. of course, with a $70000 loan, that would only be $604 each month P+I.

fred, you have the entire mortgage industry looking out for you now...i'm sure something will turn up. if kim patrick can do closings in 7 days, i don't know who'll beat that (assuming the rate is reasonable).

chrisburns · Posted: Thu Oct 30, 2008 8:24 am Post subject:

I know and that was on the low end George.

They are a portfolio lender.

The only other options I was uncovering were hard money private investors. It seems all the conforming stated is actually gone. I had thought for sure there was a program available and I did find one lender still offering it, but only in California.

People like Fred are great examples of victims of the current economic situation. Lenders have tightened the point where good borrowers are sqeezed out of the market and have to turn to high cost money which is rediculous. I hope someone can find him something cheaper. If you do please post here what the program was so we can offer it to future clients.

fredduncan · Joined: 30 Oct 2008 Posts: 2 2.30 Dollars($)

These two gentlemen have gone to great lengths to help and advise me and I thank them very much. They are both very professional and have educated me a great deal. George and Chris.... Thanks men...

If I may vent now; I think this country, both socially and economically is about toast. When the only source of most people's real wealth is comprimised in such a way, what else do they have? The globalist now have us where they want the american people. Serfdom. Job well done.....

gmakerley · Posted: Thu Oct 30, 2008 10:26 am Post subject:

i just got word - our product goes away on 11/5. any loans originated between now and then must close on or before 11/19. not sure if that would be beneficial or not....i think kim patrick is the best bet at this point, unless she's in the same boat as we at freedom are.

kim? you still have availability?

chrisburns · Posted: Thu Oct 30, 2008 12:50 pm Post subject:

FYI,

I found a bank that is still doing Stated Income with 720 minimum credit but they have a $100K minimum Sad

Rates are in the mid 7's on a 30 year fixed.

They also have a light documentation program for W-2 people where they only show a recent paystubs and that's it.

Guest

You guys have to come through! Look at it like this, you will giving a good man his precious freedom from a particularly hideous form of marital oppresion. The kind that makes a man break out into a cold, cold sweat at 2 in the morning!

chrisburns · Posted: Thu Oct 30, 2008 3:09 pm Post subject:

Fred,

I'm still working. Have two phones on my ear. Going to call you when I get off them!

apexoffice · Posted: Thu Oct 30, 2008 3:55 pm Post subject:

I have faith that, if anyone, the professionals on this forum can find some solution for you Fred. And for the amazing magician that can get this done, I do appraisals in Atlanta (wink wink). Wink

gmakerley · Posted: Fri Oct 31, 2008 6:20 am Post subject:

well done, chris. when we have motivated borrowers combined with motivated loan officers, things can often be accomplished that weren't expected.

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