What he'd like to do is borrow against the subject property, taking out some funds for repair.

Individuals/borrowers with higher credit scores can qualify for these types of loan programs.

The keys to whether or not a place went foreclosure were: (1) did the borrower keep his job, many blue collar and lower level white collar jobs disappeared (2) did you have other options elsewhere?

Neither the LO or the borrower disclosed the other property on the REO schedule of the 1003 and the mortgage was not reporting on the bureau, so his actual DTI was not reflected.

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Anyone who thinks borrowing for "tax savings" is cheaper is fooling himself.all cash

One think that experienced mortgage broker doesn't do is waists borrower's time and offers unrealistic expectations.Respectfully,

I've never met a "hard money" lender who actually offered and gave somebody "hard money," all they do is help conventional borrowers with low credit scores.

That said, the money may have been his or it may have been borrowed -- there are some lenders (transactional lenders) who specialize in loaning money for double closing situations.

Any investor that is going to be buying a note from you will want to see your borrower's credit report, and they will see that this person was behind and you bailed them out.