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  1. Erik Sandstrom

    Refinance After Paid Charged-off Second

    Hi Pelicanz, We have no problem refinancing borrowers that have charged off liens. As a matter of fact, I do it all the time even for homeowners where the liens still exist. I've refinanced and paid them off in full or even if the lien holder agrees to a lower amount. I have one borrower right...
  2. Erik Sandstrom

    Where can you get an 85% LTV (Loan-toValue) Cash Out Refi?

    As of a couple months ago, not only FHA but also Freddie Mac discontinued their 85% Loan to Value cash out refinance program and limited all transactions (cash out) to 80%. Assuming they are doing this because they have determined the risk level is higher on those products and possibly the...
  3. Erik Sandstrom

    PNC $200k Second, Defaulted 5 years ago and still no word. Any suggestions please?

    Because this topic is coming up again, I'm going to mention the refinance guidelines with this situation whether you're able to get them to agree to settle for a lower amount or you're paying off the full balance. Conventional rules: Guidelines: Charge off must be 4+ years old Settled amount...
  4. Erik Sandstrom

    Just over 2 years post chapter 7. Need advice on getting out of this house and into something new...

    It may honestly be the best thing to do (short sale) if there is no equity in the home right now without them agreeing to some type of settlement and of course if you have access to the funds to settle. Honestly, I'm starting to see 2nd lien holders become extremely ruthless with trying to...
  5. Erik Sandstrom

    First time home loan questions

    I do NOT suggest paying off a collection unless they are going to delete the item from your credit report. If you pay off a collection it could actually damage your credit instead of help depending upon how old it is. Once you pay it, it's going to re-report and it's like as if a new derogatory...
  6. Erik Sandstrom

    Looking at Buying Again - FICO Score

    Completely agree with Tampa. Something so small like not paying a medical bill of 25.00 or cable bill can report negatively on your credit and damage it so greatly because you had a great score. Once you figure out what happened I would contact the company that is reporting the negative...
  7. Erik Sandstrom

    Refinance or Home Equity

    Hi Pcazar, the 2nd lien must be in charged off status in order for you to refinance otherwise you'll run into payment history requirements on a traditional type product. I do have options that avoid needing to show 12 months clean on payments but the a typical conventional lien can be offered...
  8. Erik Sandstrom

    HELOC or Cash out Refinance?

    Hi Sandra, The option that you mentioned last sounds to me like the best option especially if you're no longer going to be together. If you're still obligated for a mortgage and let's say he loses his job, you're now responsible for paying it even though he may still be living in the property. I...
  9. Erik Sandstrom

    Success in Settling 2nds-cont'd

    I'm so glad you've been able to post, nonetheless as a guest - Moe is working on the forum to hopefully fix the bugs right now with new members trying to join.
  10. Erik Sandstrom

    Just over 2 years post chapter 7. Need advice on getting out of this house and into something new...

    Now on a side note, the only thing that I could see hindering an ability to qualify for a mortgage would be housing history. All programs require that you're current on your housing for the prior 12 months....but then again I've already done this on a borrower who was still living in the home...
  11. Erik Sandstrom

    Just over 2 years post chapter 7. Need advice on getting out of this house and into something new...

    Yes, I called Fannie Mae this past Friday actually when you posted and asked them a question about a borrower that has a pending short sale. They said that as long as it was included in BK, they don't care if the property has been sold or not as long as it meets the 4 year requirement you can...
  12. Erik Sandstrom

    After foreclosure

    I would be happy to run a simulator for you, it doesn't cost you anything and we can see what the best actions would be to improve your credit. Here are a couple things I can simulate: If you have debt, and money to pay down the debt what the score improvement can/will be. If you have lack of...
  13. Erik Sandstrom

    New Home, a question.

    What exactly are you looking to do? Are you looking to purchase a new home? I'm a bit confused with you mentioning your banking is fairly new and what type of loan you're looking for.
  14. Erik Sandstrom

    Should I wait for fed rate cut or continue with refi?

    It has already affected rates, the 10 year bond has also continued to drop and last I checked it was at 1.73% which is phenomenal. If you would like me to go over a scenario, feel free to shoot me an e-mail at: [email protected] or give me a call at 619-379-8999 and I can send you...
  15. Erik Sandstrom

    Should I refinance from a 10Yr arm to a 30yr fixed?

    Rates aren't going to be going up anytime soon, 3.5% is a fantastic 30 year fixed rate and to have an extra 2800 in closing costs...sounds like a win win. Why would you be so concerned about going from a 3.25% to a 3.5% - that's a 1/4 point...I can't imagine you're going to feel any difference...
  16. Erik Sandstrom

    Should I wait for fed rate cut or continue with refi?

    That's not a bad rate but they have dropped, see if your lender has a float down option available to lower the rate to market.
  17. Erik Sandstrom

    Mini Refinance Boom is NOW - July 2019

    Hi Everyone, I wanted to reach out to all of our members to let you know that if your rate is in the 4% range, it may be worth it to look into refinance opportunities if you qualify. Lenders are extremely busy right now due to the increased demand of refinances and the feds have even...
  18. Erik Sandstrom

    Mortgage Insurance Explained And How To Eliminate It

    Very welcome!! There are so many unknown options because they're just never spoken about but still should be considered.
  19. Erik Sandstrom

    How to find out if you are eligible for USDA financing?

    Below I’m going to write a step by step guide which will help you in determining if USDA is a good path for you to consider. There are a variety of requirements and benefits of this program including no money down. It was mainly designed by the United States Department of Agriculture (USDA) to...
  20. Erik Sandstrom

    Home Included in Bankruptcy and the Bank didn't Foreclose right away

    Yes, and if they don't - give me a call at 619-379-8999 or [email protected] and I would be happy to help you.