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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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