Hello. This is Tim Smith in Ohio. I have a client (residential) that is 3 x 60 on mortgage in past 12 mos and has a 2nd that noone can produce any pay history. The first mort is w/finance co. and is taking a huge settlement. The 2nd will also take a payoff short. However, I need 75% LTV and property is rural. I possibly can do at 70%LTV. Everyone I have spoken with says We need 2nd pay history of some kind or copy of note stating none due. We can’t produce either. Please help!!
Tim,
Who is the second mortgage with? Can that person complete a Verification of Mortgage or Verification of Loan? HOw has he made payments? By check? His bank could produce copies of the cancelled checks.
That is a tough one. What about cancelled checks? VOM? Bank statements to verify same amount ea month? Try those. Good Luck