My friend at work wants to buy a house but he was turned down because he co-signed for his brother who foreclosed on a property. Can you help him?
Yes, I can help!
As long as the property is foreclosed and sold AND that there is no judgement against him for the money the bank lost. Yes, he might owe money if it was a rental or if there was a 2nd mortgage that got wiped out. I would need to know more and run the credit. If there is a judgement and he can pay it then we are also good.
There are small exceptions to the rules, that IF the brother had a death in the family or loss of job of the main wage earner, then we could do it 2 years after the foreclosure. He wants to buy now, I do have the solution.
The good news is that I have an investor who will give your friend a new mortgage 1 day out of foreclosure. The rate is a little high but with no prepayment penalty we can refinance him once he meets the Fannie Mae requirements about foreclosures.
If you are looking for mortgage solutions, it’s worth a call to run it by me. We are not only a direct lender but broker some very helpful mortgage products.