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Can borrowers facing foreclosure get a new mortgage?

April 26, 2017borrowers facing foreclosure mortgage

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Can borrowers facing foreclosure get a new mortgage?

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Yes, generally we can go to 65% LTV on foreclosures (70% LTV on an exception). These usually are full doc loans requiring an acceptable credit explanation. The loan must make sense, we will not put someone into a worse situation. We have received approvals and closed these types of loans in the past. We recommend that the borrower contact an attorney A.S.A.P. for legal advice and options.