Keyes, California – Our borrower, was seeking a new $200,000.00 1st Trust Deed Loan to payoff the existing 1st Trust Deed Loan that has an estimated outstanding balance of $157,037 and to obtain approximately $30,000.00 or more in cash out to make several improvements and upgrades to the Subject Property and for other purposes in Keyes, California.
The reason the the client was currently looking to obtain the $200,000.00 1st Trust Deed Loan is to pay off the current Wells Fargo Loan that is in the clients Cousin’s name, who is insisting that the borrower pay the loan off as he is intending to purchase another property and doesn’t want the existing loan listed on his credit report.
The 1st Trust Deed Loan to Wells Fargo is current as are ALL property taxes for the Subject Property in Keyes, California.
The Mortgage Broker who submitted the borrowers loan request to our company had attempted to arrange an Institutional Sub-Prime Loan for the client, but since the client is currently in a Forbearance Agreement on his residence with the FHA Loan serviced by Freedom Mortgage as a result of the Covid19 Pandemic, and due to the client is currently being in a Forbearance Agreement, the Mortgage Broker was not able to obtain an Institutional Sub-Prime loan approval for the borrower.
The client will be required to resume monthly mortgage payments is just a few months, and after at least a “1” year mortgage payment history is re-established, then the client should be able to be approved for an Institutional Sub-Prime Loan, so the proposed loan might be paid off prior to the 24-month maturity date in Keyes, California.
The Subject Property is currently rented for $2,200.00, which will cover the Subject Property monthly expenses. Keyes, California.
18034 Ventura Blvd Suite 244
Encino, California 91316