I have a loan that is ready to close. However, I have one little issue that is turning into a monster; A lousy $2,500.00 item of deferred maintenance. The appraised value is not subject to the repair of these items. However, the bank seems to think that the items are a safety issue and need to be repaired prior to closing. My problem is that the sellers are getting a divorce, and there is no way to get the repairs done as they are not willing to do them. Problem No. 2 is that the sellers mortgage is in foreclosure and the proceedings are going to commence in a few weeks. The LTV is under 60% and the property is in NY?
Hello everyone! Have a lender here in Indiana who has a 550 score and needs NINA or Stated program for 95-100% purchase on $150,000 condo. Had a foreclosure over 3 yrs ago due to divorce (wife didn’t pay on mtg) and BK 5 yrs ago, but reestablished credit. He is now self-employed as of April of this year (has been in the nusiness for 10 yrs and made good income). Since it is new LLC figured best to go stated or NINA. Any lenders that can do this? Thanks for your help.
Hello everyone! Have another dilemma. need a lender to buyout a Chapter 7 BK my borrower is going through. Need $24k on $32K value condo (80%) w/$10K cashout to payoff BK trustee and discharge BK. Due to death of husband and auto accident (reasons for BK). No other debt. 630 credit score. Fixed income (SSI) but ratios are good. Great payment history. Just an unfortunate situation. Any lenders that can do this one in Indiana? Thanks for your help.