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This owner was in chapter 13 due to a divorce. The owner had a nearly perfect payment history on his bankruptcy and mortgage (3x30 in 2 years).He was funded at 67% LTV to pay off the mortgage ,and the chapter 13, the owner received $10.000 cash-out
CRITERIA                   THE LOAN
Purpose                         Cash-out
Property type                Single family
Property Value              $153,000
Loan Amount                $103,000
LTV                                67%
Credit Grade                 C (2x30 on mtg)
                                         (3x30 on BK)
Debt Ratio                      61%
Income                            Full doc/Retired *SSI Pension
Rate                                 10.99%
State                                 NY           

The owner was a self-employed plumber who had been in the home for 10 years. The business was a bit slow for several months but had picked up, evidenced by the borrower's bank deposits. In addition, the owner was being paid for several jobs in cash that was not flowing through the bank statements. This loan was closed with a 74% D/I
CRITERIA                                 THE LOAN
Purpose                                     Foreclosure buyout
Property Type                           Single family
Property Value                          $450,000
Loan Amount                            $303,000
LTV                                             65%
Credit Grade                              D
Debt Ratio                                74%
Income                                     lite doc/6 month's bank statements
Rate                                         14.49%
State                                        NC

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