Loan Modification Forum - LoanSafe.org - View Single Post

shannonek · 01-28-2008, 10:25 PM

Hi Poppy,

I need your expertise...

1st 3/27 I/O subprime cluster@*&#!:
$260,000 New payment starts 2/1 @ 7.2% = 2,400+

goes up again in 6mos

Purchase money 2nd:
63,800 fixed @ 9.875 $546 a month

I was approved for FHA cashout refi, 380,000 apraised value, everything was on track until a FHA field review. Value came back 50g less. So 330.000.
Bought the home 12/17/2004 @ 325,00

My LO was speechless, Our plans ruined!

Now I am in loan modification mode, but LO is still trying to find something that we qualify for. 670 fico 90,000+ income, Kinda high DTI, don't know exact #, but cashout was to be used to pay some debt down.

Here is my question,

I have looked at all the fha stuff I can, and I have found several things that say that I can refi my 1st with fha and subordinate the 2nd regardless of the CLTV, as long as the 1st loan LTV comforms with fha guidelines and 2nd lienholder agrees to subordinate.

My loan officer is new to fha and won't address my thoughts on this. Am I crazy or is this possible. I don't need tons of cash, just enough to get the dti down to fha standards.

He asked me to email him tonight on this stuff....

What are your thoughts? Is this someting that lenders will do?

Thank you,

Shannon

01-28-2008, 10:25 PM	#14 (permalink)
shannonek Senior Member Join Date: Jan 2008 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Countrywide!! Modification approved!!!! Hi Poppy, I need your expertise... 1st 3/27 I/O subprime cluster@*&#!: $260,000 New payment starts 2/1 @ 7.2% = 2,400+ goes up again in 6mos Purchase money 2nd: 63,800 fixed @ 9.875 $546 a month I was approved for FHA cashout refi, 380,000 apraised value, everything was on track until a FHA field review. Value came back 50g less. So 330.000. Bought the home 12/17/2004 @ 325,00 My LO was speechless, Our plans ruined! Now I am in loan modification mode, but LO is still trying to find something that we qualify for. 670 fico 90,000+ income, Kinda high DTI, don't know exact #, but cashout was to be used to pay some debt down. Here is my question, I have looked at all the fha stuff I can, and I have found several things that say that I can refi my 1st with fha and subordinate the 2nd regardless of the CLTV, as long as the 1st loan LTV comforms with fha guidelines and 2nd lienholder agrees to subordinate. My loan officer is new to fha and won't address my thoughts on this. Am I crazy or is this possible. I don't need tons of cash, just enough to get the dti down to fha standards. He asked me to email him tonight on this stuff.... What are your thoughts? Is this someting that lenders will do? Thank you, Shannon