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Updated over 16 years ago, 05/26/2008

User Stats

12
Posts
0
Votes
Troy Smith
  • Residential Lender
  • San Ramon, CA
0
Votes |
12
Posts

Partner with credit problem

Troy Smith
  • Residential Lender
  • San Ramon, CA
Posted

I fix up properties and sell them or keep them depending on what's best for me and my family at the time. I, more than often, have a partner to split the headaches with and most of the time things go well. On my current venture, we bought out all of the prepays and got a not so good start out loan that we were going to use for about 2 or 3 months until the home was complete. Then with all of the new upgrades, i refinance into fixed loan and usually keep in the equity for a better rate.

Days before going to docs, my partner missed a mortgage pmt on one of his other properties and dropped his FICO down to 590. He's spoken with a couple of credit repair guys or credit counselors but does anyone have any quick fix ideas?

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