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Hi:

I am working with a client right now to get him in a position to qualify for a primary Residence purchase. He has been living at home for several yerars, but owns a piece of Rental property. With his current debt load, he was not in a position to qualify. He has a Private Mtg. on his investment property. I am going to pay that off, consolidate all revolvong debt and pay off 2 open medical collection accounts. With this action, his monthly payment will be less than he is making on his Private Mtg. and it will put him in a position to be able to qualify for the purchase upcoming. He is also now aware that he needs to get a tenant into the rental to help offset the new Mtg. payment.

Sometimes it just takes a little bit of extra work to find a way to make a sale or to get a client qualified. I really enjoy digging into each client's different scenarios to make things work. It is a great feeling at the end of a day to know that I've helped someone.

If you go the extra mile for your client, it will pay off in the long run.

 James Bowen

www.getmortgagenow.net

 

 

 
This post has been included in New York Information

1 Comments on Use of OREO to consolidate debt for Mortgage Purchase

This is so true James.  I had one last week that we had to pay off some debt and sell two other properties to be able to qualify for a mortgage to purchase the new home she wanted.  It really works.

04/08/2008 09:33 AM by Don Draughn - Debt Counselor (Financial Debt Freedom)


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Loan Officer: James Bowen (Eagle Nationwide Mortgage Co.)
James Bowen
Rochester, NY
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Eagle Nationwide Mortgage Co.

Office Phone: (585) 865-0950
Cell Phone: (315) 398-9400
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