Chapter 13 Refinance Baltimore Foreclosure Buyouts

Every time we turn on the Baltimore news the thrill word of the quarter has been “subprime”. This small segment (15%) of the mortgage industry has garnered the admonition of the media. The truth is; yes defaults are hurting some banks liquidity.

 
Guidelines are changing plus the Baltimore subprime market is temporarily wounded. This does not mean if you are in chapter 13 or pre-foreclosure you may not refinance your home, if you have equity. The people who are really in trouble are those with poor credit as well as a high LTV(loan to value).

 

The 100% stated income/stated asset purchases/refi days are gone. Chapter 13 debtors are unaffected by the changes in the market notwithstanding. Quality chapter 13 foreclosure loans are still someone funded(even with late payments).The loans may take longer in underwriting, nonetheless they will persist to fund chapter 13 distress property loans due to the high defaults around the geographical region.

 

The huge headlines are concerning Irvine CA based New Century and Fremont’s demise. The demise of New Century in addition to Fremont does not agitate those that are trying to buyout a chapter 13 or repossession. If you filed a chapter 13 you made very smart move, you still OWN a home. The demographic that’s hurt the most is first time/subprime homebuyers. If you dont have a 620 FICO or higher don’t expect to engagement acquiring a home without a great down payment. Many debtors have made the decision to sell their home. Selling your home should troth a worst case scenario. Many mortgage brokers put the idea in a borrowers head that “If I cant get you accepted, you won’t troth accepted anywhere”. That kind of thinking is not only negative, then again outright erroneous.

 

If you need a bypass heart operation would you see one or two cardiologist’s plus encourage yourself to call it quits? You worked hard to turn into a homeowner; twists of fate are you are not dealing with a chapter 13 distress property loan specialist. You wouldn’t go to a ENT(ear nose plus throat) If you were having chest pains. You need to deal with a loan officer that works only in chapter 13 distress property loans. The repossession guidelines are still 75%LTV Fully documented. Don’t list your home if you think you may refinance. If you listed your property within a 6 month time frame, you will not be able to refinance the property.

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Posted by Carlos Sagastume on April 11, 2007. Filed under HUD Homes. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry