Lenders wanted

IL, Single-Family, Refinance, $175K, 748 FICO, 65% LTV
Posted on 11/7/2013 3:16:32 PM

I have a divorced woman who is required to refinance her mortgage to take her ex-husband off the obligation. They were divorced in 2011. She is a part-time fitness class instructor ($500/mo.), 2 daughters (from her ex-husband) and taking court stenography classes that she will have completed by December of 2014.

She is receiving Unallocated Support “Beginning October 1, 2011 and each month thereafter until September 30, 2014”($4500/mo). The divorced parties have two children 17 & 13. The borrower is certain that the support will continue after this date because she has custody of the children and at least one child will be under age. The children both are expected to go to college. There is no mention of support after September 30, 2014 other than “The borrower has the right to petition the court for an award of maintenance following the expiration of the unallocated family support. She shall file such a petition before September 30, 2014. If she fails to file a petition before a court jurisdiction, she shall be forever barred from the receipt of further maintenance.” The borrower has assured me that she will petition the court.

The borrower also receives Child Support in the amount of 15% of Gross wages minus $190,000. This basically captures a portion of an annual bonus. This payment does not have an expiration date and is due for as long as the ex-husband is obligated to pay child support. After there is only one remaining minor child the child support will be 10% of Gross wages minus $190,000.

There is documentation of 12 months on the Unallocated Support and the borrower does not need the Child Support to qualify.

• There is 35-40% equity in the property.
• I have proof of 12 months of Unallocated support payments.
• The borrower has over $40,000 in savings.
• The borrower’s ex-husband is selling their property in Australia to finalize the equal disbursement of assets. I am told the property is under contract and should be closing any day now. I might be able to get a copy of the contract. I am also told that there will be a $150,000 payment to the borrower when the property is sold.
• Middle credit score is 748.



  • by Texcal Financial Mortgage Bank on 1/27/2014 11:48:01 AM

    We have this loan in our sub-prime loan product. Call and speak to our loan officer for rates

  • by Neil Coleman on 12/23/2013 9:32:16 AM

    a few things you need to beware of regarding the answers you've received:
    1. there are no stated income loans available on residential property in Illinois
    2. the guy telling you to have the mtg company remove ex-husband from the loan? That will not happen. He's on the loan and will remain on the loan until she refis. Also, he doesn't understand that this woman NEEDS to refi, per the divorce decree. And as to his remark to "Keep him prisoner?" Please Be very careful who you take advice from.
    3. ALL of your income (child support, unallocated support) must continue for a minimum of 2 years from the date of the new mortgage. This has to be verified 100%. No lender will give you credit for income like this unless you absolutely prove a 2 year continuence. So...the fact that she's going to petition the court in 09/2014 does not help you. You need that proof now.

    If you want to talk to me regarding this (or any other loan scenario) and want good, sound advice...email me at n.coleman@comcast.net

  • by Brian Nguyen on 11/21/2013 11:18:52 AM

    Good Luck!

    Hi there,

    I would be glad to try to help out your client in this situation. Please feel free to contact me to see if we can get this refinance started.

    Brian Nguyen
    Phone: 949.667.2887
    Email: bhnguyen@iservelending.com
    NMLS # 659743

  • by Brian Nguyen on 11/21/2013 11:05:14 AM

    Hi there,

    If you are seeking a new home loan or refinance I would be glad to help you. I am an experienced lender that has done plenty of refinances. So I recommend that you speak with a lender directly to get you started on a refinance or loan. I would be glad to speak with you to help you get the financing that you need!

    Good Luck!

    Brian Nguyen
    Phone: 949.667.2887
    Email: bhnguyen@iservelending.com
    NMLS # 659743

  • by Marc LaGasse on 11/18/2013 10:37:59 AM

    CARLOS - I might be able to use a 60%LTV stated.
    How can I reach you?

  • by Carlo Sanchez on 11/18/2013 9:04:06 AM

    Would a stated loan at 60%LTV help?

  • by Bayview Mortgage Inc on 11/11/2013 11:42:51 AM

    Tell the lady to just call up the lender and have them remove him from the loan. If they don't . She should keep the husband on the loan until she is ready to negotiate the new settlement and the children's college tuition. Until then. She needs to keep the husband a prisoner.

  • by Marc LaGasse on 11/11/2013 9:49:15 AM


  • by BENET FORD on 11/8/2013 7:30:46 PM

    Dear Customer,
    My company will be able to grant you loan for this deal. please tell us the total amount of money you needed as a loan for this deal so that we can send you loan terms.
    I wait your reply.
    Benet Ford

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