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Updated over 3 years ago on . Most recent reply
Need Help with Refinancing Options after Foreclosure Purchase
Hi everyone,
I purchased a property via 2nd lien foreclosure in Los Angeles County. I am going to be an owner occupant in this property. I am having trouble finding a lender who will allow me to cash out the difference after paying off the remaining senior lien at closing and wanted to see if others have any insights. Situation below:
2nd lien purchase- 170k. Title recorded in my name in June. Property is now vacant.
Remaining 1st lien payoff- 680k
Appraisal- 1Million
My goal for the refinance is to get an 80% LTV product. $800k loan minus the 680k payoff at closing leaving 120k cash out minus closing costs. As of right now, the lenders my broker has spoken to are all willing to do a rate/term pay off for the senior lien but will not cash out. I have been in communication with senior lien throughout and also asked prospective lenders if 'reinstating' the senior loan temporarily would open up more options but so far no luck with the lenders I've talked to. I haven't gotten a clear "why" answer for the cash out limitations. Any thoughts/recommendations? Thank you!