How can I get a $3000 loan to make a late mortgage payment current, right before the refinancing?

Mortgage Specialist Veronica asked:


I have a client that needs to make his late mortgage payment; up to date before we can process his loan and close it. He only needs $3000. What options do we have?

Matthew

Tags: Current, Loan Mortgage, Mortgage Payment

This entry was posted on Thursday, July 30th, 2009 at 6:35 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “How can I get a $3000 loan to make a late mortgage payment current, right before the refinancing?”

1. asajous Says:
   August 2nd, 2009 at 2:16 pm

   Rhonda

   Find a Hard Money Lender to borrow it and place it as a payoff for the refi through the attorney, HURRY!

2. babyred Says:
   August 4th, 2009 at 10:44 pm

   Nellie

   We use Citifinancial for this type of think a lot. Or once in a while a small local bank that will take various things as collateral. Good luck, that’s a tough one.

3. bianca Says:
   August 7th, 2009 at 9:36 pm

   Carol

   pay by his credit card or ask him to borrow money from his friends.

4. Justin Says:
   August 9th, 2009 at 3:08 am

   Arthur

   The correct answer would be to deny the loan. As a mortgage originator, why would you risk the chance of putting your borrower right back into the same situation? Why are they behind? When the underwriter get’s an updated VOM it will kill the deal anyways. It’s called a “bail-out” situation. Do you need the loan that bad? Enough to put your company and your borrower into such a risky position?