Im trying to find a lender who is willing to do a small refinance also known as a small payoff. My client has already received the approval from his current lender to accept a small payoff. Now I have to find him a loan, could you please tell me of any lenders willing to give the loan.
Property is in California.
I’ve heard of a small sale, where the owner is losing their home, so if that’s what you mean, and the owner is “selling” it for the bank, just about any lender will lend on a small sale. I bought a small sale last month, and my lender didn’t question what kind of sale I was entering into, they just approved me. I had FHA and I could have gotten a foreclosure, regular sale, anything. Lenders don’t usually care, as long as it’s not a manufactured home, and as long as the appraisal comes back in at what the loan is for or more. If you mean a loan modification, they usually have to deal directly with their specific lender, they can’t shop around, since most lenders will not loan more than the house is worth in this economy. But the owners bank should be flexible, with the incentives the government has given them.