Florida is not just the Sunshine State but it is also the home to second chances. Everyone in life has hit a speed bump or two. Is'nt that what life is all about? If you are currently in a Chapter 13 Bankruptcy you might be able to buy your way of it by using the equity in your home and help restore your credit at the same time.
Now before you start thinking "Yeah Right" What will the lender actually loan me .50 on the $1.00? You may be surprised to find out that some investors might go as high as 95% of what your home is worth. These type of loans are manually underwritten and are on a case by case scenario. Most of the determining factor will come on how you paid your Mortgage Payments.
How long do I have to wait to Buy my way out?
The very next day after you file! However, please keep in mind to reach the higher Loan-to-Values (What your property is worth versus what you would owe) these investors will want to see a payment history on your Bankruptcy.
What Would Be Required?
A payoff letter from the bankruptcy trustee is required, along with a payment history on the plan from inception to date.
These are Full Documentation loans (No Stated or No Doc are available)
Can I Walk Away With Real Cash?
Yes! It maybe possible when your loan closes to actually walk away from the closing table (3 Days Later on Primary) with cash in your hand. Please realize that all of your Bankruptcy must be paid you won't have the ability to pick and choose what you would like to pay.
This is just one of many Loan Programs that are still available to Borrowers through Mortgage Brokers and select Loan Officers. To find out more please speak to your local FULL-TIME Mortgage Professional.
For More Info: Mortgage Advice In South Florida Palm Beach Gardens Mortgage Advice
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Full-Time Mortgage Broker in South FL. Palm Beach County. Specializing in Hard Money / Private Money, Foreign Nationals, Jumbo and Super Jumbo Loans. In addition I work with Today's Premiere Lenders.
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Matt,
This is really good info on Bankruptcy, and lending. I saw the other day, there is a B/C lender that will lend 1 day out of Foreclosure as well, Let me know if you want this info, although I am sure you already have this lender..
Tom Weiss
Tom, One day out of a Foreclosure is pretty good to.
Yes, great info, one day out of foreclosure. Well done!
Matt,
I think we are finding that lenders/investors are loosening up their purse strings a bit. While I don't think it will get as ridiculous as it was (if you have a heartbeat, you get a mortgage) I do think people forget there are still some really great products out there. You do a good job identifying this as usual Matt.
VERY interesting stuff, I am definitely going to have to come back to this post!
Hi Matt,
Sounds like a great product and could really help out some folks out! Nice work :)
Erik, You can do this while you are in BK very good product if you need it
Candi, Thank you. You can always email me or call me if you ever have any questions
Suzanne, Thank you..It really can help save time and help restore credit faster.
Jason, I agree I see more and more programs coming back. I think in some cases before you did not even have to be breathing to get a loan...lol
Matthew- This is great information, maybe you could send out a postcard to the lis pendens in our county. We got good results, net 3 listings from one mailing. Katerina
Matt - is this good news or bad news - I am not sure - but it sure opens an option uh
Katerina, I will keep that in mind. I have not had good luck in Direct Mail.
Thesa, It really is. These are full Doc loans. People will have to qualify.
Hi Matthew,
Good to know there are programs to help these people. Thanks for putting it out there for us.
Cynthia, My pleasure. If you believe the news media you would think we have no programs available. This is just one of many programs that are back.
Matt, are these foreclosure and bankruptcy lenders licensed to do business in Minnesota?
Eric, Yes they do lend in Minnesota. Check your email for details.