foreclosure investments
Refinance primary after investment property went to foreclosure?
I have a client that had a foreclosure in august 2007—-on an investment property—now he wants to refi cashout primary, don’t know scores…but can it even be done….he needs to payout wife in divorce….do you think possible?
No good lender is going to give someone cash out or even no cash out loan with a foreclosure during the last 3 years. A recent foreclosure disqualifies him automatically for a conventional or government (FHA/VA) loan for 3 years. Even before the subprime loans went away- a foreclosure in the last 2 years was an declined loan. His scores are shot for sure. Sorry I don’t have better news.
