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Forums » Get Foreclosure Help - Help Stop Foreclosure Forum » Helping others Stop Foreclosure

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Kevin Toston

Real Estate Investor · MD


Forum_avatar_avatar-toston

Oct 13 '08, 12:36 AM

I have come across folks who were stated income and road the wave of creative financing to purchase homes. Needless to say now the want out before they are dealing with a foreclosure. What options does one have today when they would still need a stated income loan package?

Edited: 06/26/2010 at 06:07AM


Jonathan Katz

Real Estate Consultant · Calabasas, California


Forum_avatar_avatar-jkatz

Oct 13 '08, 01:25 PM

Originally posted by Kevin Toston
I have come across folks who were stated income and road the wave of creative financing to purchase homes. Needless to say now the want out before they are dealing with a foreclosure. What options does one have today when they would still need a stated income loan package?

Kevin,
They may want to seek out a professional to help them work out a loan modification with their lender. We have seen many of our clients with similar situation qualify for changes to their already existing loans as they are much more flexible at this time, as the loan already exist, than coming out of pocket in today's risky lending environment and put themselves further out on the limb.

There are still stated income programs but we have seen that these are few and far between and that many of our clients have gone to hard money lenders but even their current lending guidelines are hard to meet with the devaluation of much/most of the market.

Best Regards,

Edited: 06/26/2010 at 06:07AM




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