You have a client with 90% LTV, Michigan, with a one year in the property. Purchase price was 200,000 and client believes he has 10,000 more equity in the property from the purchase last year based off homes for sale in the area.

 

Client is drowning is debt and has 38,000 in revolving debt with a 580 mid fico

 

Question? What would you do? What program, and yes this is a trick question can you find it??
 
Posted by Christopher Karalis on 02/01/2007 08:47 PM   Comments (2)  
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2 Comments on Lets ask the Pro’s, here’s the scenario!!!!!!!!

FEB
01
2007

The slap him and cut up the credit cards program comes to mind.

Good luck
8:59pm • #1
FEB
02
2007
146,241 Points 7 Featured Posts Outside Blog
I agree with Rich on the program to use!  I'd be afraid that this person is going to lose their house because they do not know when to stop using credit cards!  It doesn't sound like you have enough equity even if the home appraises out to payoff the credit cards completely.  If one of them has a very high monthly payment and you could pay that one off, it might help them meet their monthly demands and ease some pressure but it sounds like these people need counseling to learn how to budget and cut off the convienance of credit.  FHA refi?  Some sort of Non-conforming product that allows 95%LTV and a 580 credit score?  A HE?
9:03am • #2


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Christopher Karalis

Laguna Niguel, CA

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Orange County Capital Mortgage

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