fha: Reverse Mortgages - Could it be the new sub-prime for those over 62?
- 09/24/08 10:18 AM
Over the past several years, I have focused on refinancing individuals out of Chapter 13 bankruptcies. There were two basic options: those clients with a perfect mortgage and trustee payment history, and those that weren't perfect. For those that performed while in the Chapter 13, FHA was the answer. You could put them straight into a 30 year fixed with a low rate without any difficulty. For those without a good history, there were several sub-prime packages that made it a two step process. Refinance out of the Chapter 13 using a sub-prime product, wait 12 months, and with a good mortgage … (1 comments)
Over the past several years, I have focused on refinancing individuals out of Chapter 13 bankruptcies. There were two basic options: those clients with a perfect mortgage and trustee payment history, and those that weren't perfect. For those that performed while in the Chapter 13, FHA was the answer. You could put them straight into a 30 year fixed with a low rate without any difficulty. For those without a good history, there were several sub-prime packages that made it a two step process. Refinance out of the Chapter 13 using a sub-prime product, wait 12 months, and with a good mortgage … (1 comments)
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