Asked by R C, San Marcos, CA • Tue Sep 9, 2008
I encountered a borrower who have 75% of his income going to mortgage. He is having a hard time keeping up the payments and asked me about this bill that he heard about. Surely, he qualify because more than 31% of his income is going to mortgage and he refinaced his house late 2005. That was the easy part qualifying.
Challenging part, his lender refused to negotiate unless he goes into short sale. I was just wondering if the bill is too young that lenders have no set guidelines on their part to do it or it is just that they think it is not worth their losses because the bill specified that it is VOLUNTARY for the lenders to do it so they can say NO if they want to.
Are they waiting until October 01 to participate because that is when the law is official?
Just wondering if anybody had a more positive experience with this bill? Other loan officers I know are frustrated too because they encountered the same road block. Please do share your insight positive or negative.
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