There is a program in Arizona for homeowners who are in default on there primary residence and doing a short sale. The loan is a portfolio loan that requires the borrower to put 20% down. Interest rates are high I am hearing 9%. There is no prepayment penalty. With credit couceling you could refinance with a FHA loan. Do not foreclose, Short sale. There is a new program from Bank of America call the Co-op program. The borrower agrees to do a short sale, and gets $2500.00 at close of escrow. No more providing Tax returns, pay-stubs, profit and loss statements, hardship letters.
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Prudential California Realty - Olivenhain, CA
Home Smart Realty - Phoenix, AZ
Ameri First Fianancial in Arizona has a program for homeowners that are doing a stratigic short sale. The home owner puts 20% down the loan is based on the home owner being current on all other debt. If the short sale is the only deliquecy on the credit then the borrower will get a mortgage at 9% point will varry from 3-5 (yes it is expensive) no pre-payment penalty. I can get you in touch with a loan officer with Ameri First .. Thank you Daniel Feld
Aug 28, 2011 01:43 PM
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