InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Creative deals can be dicey. Posted by Ward-CA- on September 10, 2003 at 1:24 AM In Reply to: MODIFY the Loan posted by mk on September 09, 2003 at 2:19 PM : I have a seller who's in default who just wants to get rid of the house. But instead of flipping it, I'd like to work with the bank to modify the loan - whether it be a forbearance or a repayment plan or have the back payments placed to the principal - and sell the house on a l/o or cfd. So this would be solely for cash flow purposes. : My question pertains to the paperwork the bank is requesting to be filled out in order to modify the loan. They basically want a financial statement from the owner outlining assets, monthly liabilities, wages, etc. : My question is, what is the minimum they are looking for, as far as assets and debt/income ratio is concerned? : Have any of you ever been "creative" with this documentation when the seller's financial picture looks like it won't make the cut? : Thanks for any forthcoming help... -=-=-=-=-= MK, No, I haven't had to be a creative qualifier for a loan. But I've had friends in the business who couldn't resist being creative, and now they are being subpoenaed for info on a few deals. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have a seller who's in default who just wants to get rid of the house. But instead of flipping it, I'd like to work with the bank to modify the loan - whether it be a forbearance or a repayment plan or have the back payments placed to the principal - and sell the house on a l/o or cfd. So this would be solely for cash flow purposes. : : My question pertains to the paperwork the bank is requesting to be filled out in order to modify the loan. They basically want a financial statement from the owner outlining assets, monthly liabilities, wages, etc. : : My question is, what is the minimum they are looking for, as far as assets and debt/income ratio is concerned? : : Have any of you ever been "creative" with this documentation when the seller's financial picture looks like it won't make the cut? : : Thanks for any forthcoming help... : -=-=-=-=-= : MK, : No, I haven't had to be a creative qualifier for a loan. But I've had friends in the business who couldn't resist being creative, and now they are being subpoenaed for info on a few deals. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455