RE-fi Advice Needed

[supersupps]

I've got a client in oceanside Ca, that wants to re-fi her three homes.. I dont do RE. One of the properties is interest only at 8.25%,, And is about worth what the current princ balance is. I'm not yet sure about the other 2 properties,but they might both be at about 6% . She had a bankruptcy that ended oct 2010. and she did mention that she was told from someone, that she didnt have enough income to refi . All 3 properties are with diff banks.. The interest only loan is with Ocwen Loan Servicing Anyone want to assist?

 

[djs]

I don't do real estate either, so this is just a curiousity question.....

What is she hoping to gain out of the refi? Lower payments? Cash out? Just for fun? I'd have to assume she isn't going to get a lower rate with a traditional refi (don't know for sure), but perhaps she can work an in-house modification with the lenders?

Dan

 

[scotte]

She would just be wasting someone's time. She would need at least 20% equity if these are investment properties. Plus if she was in a ch 7 bankruptcy in Oct.; no lender will touch that.

 

[GreenSky]

Has Luke reappeared as Supersupps? We've never seen them in the same room.

Rick

 

[sokybrian]

Bankruptcy knocks her out for at least 2 years, depending on the type.

Assuming one property is her primary residence, the other 2 would be considered investment properties. Investment property interest rates are higher than primary resident rates. If she has a 6% rate on the "investment properties" she probably won't beat that. She really just needs to work on the 8.25 interest only. That one will bury her if she is not applying principal to her payment.

With the bankruptcy, she needs a large initial investment to even get someone to take a look. At least 20%, maybe more. Probably the only place she could even try is where she has the current loan.

SokyBrian

I've got a client in oceanside Ca, that wants to re-fi her three homes.. I dont do RE. One of the properties is interest only at 8.25%,, And is about worth what the current princ balance is. I'm not yet sure about the other 2 properties,but they might both be at about 6% . She had a bankruptcy that ended oct 2010. and she did mention that she was told from someone, that she didnt have enough income to refi . All 3 properties are with diff banks.. The interest only loan is with Ocwen Loan Servicing Anyone want to assist?

 

[Fastest H-Town L&H Agent]

I would go the loan mod route.