Looking for a wholesale mortgage lender, 85% ltv, 669 fico, jumbo non conforming 980k loan amount, in LA, CA?
needing a wholesale lender for a property in Los Angeles, California.
Im working for a broker, and i’m stuck, just hoping someone here would know some magical lender that would do this. thanks!
Dear JB,
i guess someone’s angry haha but i’m just trying to help an old lady out of a bad situation she’s in because of someone who didn’t inform her of the program she was getting herself into… thats all… im not asking for your opinion, thats why i said "magic" so calm down…
i guess you should’ve asked more questions before being judgemental…
according to JB, i should let this lady who’s been at her home for 15 years foreclose…
anyone else agree?
thanks Jennifer, her comps were comming up at 1m, we tried a loan mod but her lender wouldn’t budge since she has some equity, they’d rather she sell, i just don’t want her to leave that house shes been in for so long… i know its an unfortunate situation… anyway im just laughing at JB i mean im home at 11PM trying to figure out this lady’s situation and he still has the nerve to call me greedy but naieve people will do that stuff hehe…
off topic:
with regards to the law school, ive decided on continuing with SDSU because my new job can now accomodate my schedule, and hopefully try to get into a public school, if i can score high enough on the LSAT, thank you for your recommedations! 
visit http://realstate-california.blogspot.com/ may add up sme idea
With a 669? What are you smoking?
Seriously, anyone who knows anything has heard all about BofA and CMC…..and that much of the stroy is yet to be told… And your out there trying to get a jumbo for a schlep with a 669…..un-effin-believable!
It was greedy people like you that got us in this mess.
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no way …
credit poor
85% LTV will not fly anymore
for that loan most will want 20% down and 750 credit
at 669 you can guarantee late and missed payments by end of year one.
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Yes, I think you are gonna need 20% down + you should check on the appraisal…they might not lend as much as you need against the house. CA real estate is really suffering. So, if she needs $980K to pay off her current mortgage but the house is currently worth only $700K then the lender will only lend 80%*700K.
It’s a horrible situation. Sorry, so many people are in this situation in CA.
Can I suggest she call and work with her current lender? I know a lady here (in Southern Ca) that was able to get her ARM turned into a 30 year fixed at…6.25% by working with her lender and telling them she wasn’t going to be able to make the payments.
That’s the only thing she can do, really if she wants to keep the home.
Good luck, great of you to try and help her.
p.s. I just read your Resolved Question about USD Law. I completed their paralegal certificate program last year. I would highly recommend that before you commit to law school. Both UOP and USD Law are very expensive…not a great financial choice in today’s economy. I would suggest applying to a less expensive 4 year school (like a Cal State school) Not the best education but it will get the job done on a budget and it’s much more respected than UOP and National.
Around here, employers don’t give a lot of value to UOP and National. That’s coming from more than one guidance counselor. Why pay a ton of $ if nobody respects the degree?
Also, you should consider going thru the paralegal program at USD first. That way you can work at a law firm and gain experience if you decide to go to law school. The credits don’t count toward your law degree but the experience is invaluable if you want to make it your career.
p.s. don’t give a thought to J.B.- take a look at the kind of questions he’s been asking. What a lowlife!
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I hate to say it but I think your stuck. it’s not the ltv or fico that’s hurting you, it’s the loan amount, the highest fha will go there is 714k or something like that. Do you have fha access out there? Talk to some of your ae’s if you havn’t already, but this is a tough one, sorry I couldnt help more
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mortgage broke
visit http://realstate-california.blogspot.com/ may add up sme idea
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http://realstate-california.blogspot.com/
New Program here in Sacramento, we do loans 85%LTV and our lenders are the best.
It is possible if you know what you are doing. Email me.
thechase23@yahoo.com
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