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Avoid Foreclosure!
Home | Loans we do | Chapter 13 Loans

This information is provided for brokers, and consultants only and is not to be distributed to consumers.

Program Highlights
LTV's up to 75% on a case-by-case basis (LTVs will vary by state.)
Debt ratios-must show ability to pay of LTV is greater than 60%
Income documentation
full doc - 18 months bank statements
lite doc - 6 months bank statements
No doc- available case-by-case
property type: single family town homecondo 1-4 units, mixed-use
owner and non-owner occupied properties acceptable
cross-lien multiple properties
cash out on a case-by-case basis
Other assets used as collateral: stocks, bonds,CDs, etc.
Only lien affecting title must be paid
subordination of tax liens and second mortgage accepted

Underwriting Thought Process
What has changed that will allow the borrower to pay?
When was the last mortgage payment made, and how quickly did they default?
What is the degree of payment shock with the new loan?
How many times has the borrower(s) refinanced their way out of  foreclosure?
How much of the last loan was used for cash-out, and how much was used to consolidate debts?
Is there a subordinate lien? How much? What is the CLTV?
We will require our own valuation with interior pictures. We are not concerned with D/Is or credit scores! We close loans that make sense!

Chapter 13 Loans
When your client is in chapter 13, don't waste time call now!
This aggressive new financing program is designed to help borrowers in Chapter 13 by offering them reduced pricing and a second change to improve their credit concerns.
Credit Grade     Max LTV  
B                        75%       
Paid bankruptcy plan and mortgage payments as  a greed for 24 months
cash-out permitted.
Credit Grade     Max LTV  
C                         70%          
Paid bankruptcy plan and mortgage payments as
agreed for 12  months cash-out permitted.
Credit Grade     Max LTV  
D                         65%         
In chapter 13 for less than 12 months and/or has not made plan
payments or mortgage payments as agreed cash-out permitted.

Loan Critieria and Overview

Copyright 2000-2004 Curtis Ross