These non-performing loan refinance options are putting big numbers in investors’ pockets.
Liquidating residential nonperforming assets is proving to be far easier and more profitable than expected for investors using these non-performing loan refinance programs…
In our latest DistressedPro Professional Podcast episode, Craig Everett of Cairn Advisors revealed two programs which are empowering note investors to cash out, and flip nonperforming notes for large lump sums, and even recoup dollars that may have long been considered lost.
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Non-Performing Loan Refinances
Craig Everett comes from a family of mortgage experts. Craig has both parents and siblings with long histories in the industry. It’s a lifetime immersed with the ins and outs of mortgages, lending, notes, servicing, and dealing with people.
Craig has personally helped thousands of households fix their financial situations, and has developed a level of expertise and intuition that only comes with years of digging deep into files.
When the crises of 2008 hit, Craig Everett didn’t cower like many. He took it head on, only thinking of how he could help. That took the form of going to Wall Street and big funds with solutions for targeted refinances of debt.
Now via Cairns Advisors, Craig assists a wide variety of asset holders in liquidating their non-performing loans, and maximizing profits. A big part of this is knowing how to strategically achieve refinancing.
Refinance Programs for Non-Performing Loans
In this podcast episode Craig spilled the beans on several loan programs that are producing incredible results for his clients.
Hope for Homeowners remains one, but the two main products allow incredible flexibility if you know the ins and outs of underwriting guidelines.
The first is a workout or modification “disguised” as a FHA loan. By facilitating a workout and the borrower making just 3 on-time payments they can qualify for a 97.5% LTV FHA 821 refinance. This applies to underwater mortgages where the current note holder will write down at least 10% of the balance. Credit scores can be as low as 500. This is specifically attractive in judicial states where borrowers may be delinquent by years.
In one example a property appraised at 170k, with a UPB of $200k to $250k with fees was refinanced on this program, cashing out the note holder with around $60k net profit.
The second is a FHA 203b loan. These permit short payoffs, more flexibility in underwriting, credit scores as low as 550, and a 95% to 97% payoff.
Get a Free Loan Evaluation
Craig is offering our podcast listeners a free evaluation of their loans to see if they are eligible for these non-performing loan refinance programs, and even assistance with strategy before acquiring the paper. If you’d also like help with the workout work his firm would love to help.
Don’t miss the next podcast episode in which we’ll reveal how to get an extra $20k subsidy on your notes, and how to make $50k on a 2nd mortgage, even if it is charged off, and after a bankruptcy!