CLF loans
CLF loan menu

AD: Debt Relief? Loan / A+ Rating wt Better Business Bureau

Subprime Mortgage Loan for Applicant in Long Beach Ca – $250,000

This applicant has applied for a sub-prime mortgage loan for the amount of $250,000. He lives in Long Beach Ca
and has been recently laid off from the city of Long Beach. the city is conserving cash and reducing expenses in an effort to avoid increasing taxes.  Together with his wife, his family income is around $65,000 due to his perseverance in finding part time jobs and his wife’s income.

Prior to 2008, many people were being approved for these types of loans to help them purchase a home. The sub-prime market was really aimed at folks who might have had bad credit, lower income or a history of not being able to pay their bills at the end of the month. Since 2008, this program has been curtailed due to the market troubles and the housing downturn we are all aware of and now it is much more difficult to get a sub-prime mortgage loan.

Many people in financial circles believe that it was this market coupled with the decline in the value of housing that brought on the recent depression experienced in the United States. Whether it is true or not is not really that important as far as this client is concerned. His credit rating is poor and he does not have a stable income making him not a good candidate for the program even if they were offering it today.

Although this client has only $25,000 left on his existing mortgage and his home is worth approximately $300,000, he will not qualify for a mortgage due to his lack of sustained income at this time. He is better to continue to struggle at finding part time jobs, cutting back on expenses as much as possible and meeting his obligations until he is rehired by the city. His employment status and prospects of being rehired to a full time job are the two main issues at this time preventing his approval of a sub-prime mortgage loan. He did not indicate if he and his wife had other debts such as credit card debt or car loans which also might be factors in his efforts to try and find financing.

Home/Mortgage Loan Amount :: $250,000

Home Loan Application and Processing Speed (when do you need the funds):: We urgently need this sub-prime loan approved, since we are about to lose our home

Do you currently have a mortgage? :: Yes, a small one of $25,000 balance

Bank Name and Branch :: Comercia Bank, Ximeno Avenue, Long Beach

What City/Town, State and County do you live in? :: Long Beach, California

Zip :: 90806

What is your employment field? :: City Worker

Employment Position :: Temporarily laid off, expect to  be called back this month

When are you paid? (monthly/weekly/biweekly):: Bi Weekly

Your credit rating to be – excellent, fair, or bad? :: Poor

How did you find us? :: Surfing on the web

How are you paid? (direct deposit/paper check):: Direct deposit

Gross Amount Per Paycheck :: Normally, $2500 when I am working

Do you agree to have this information published online, without your PRIVATE information of course? :: yes

Extra information here please (some detail):: We would like to borrow $250,000 against our home. I recently was laid off, however my wife continues to work as a secretary for the city and makes about $35,000 a year. My layoff is supposed to be temporary until the city straightens out it’s finances. In the mean time we need to be able to survive, pay our bills etc. The existing mortgage was almost paid off, the balance is only $25,000 and our home is work approximately $300,000, so we should be able to get a sub-prime mortgage on the home for at least $250,000.

Note to Lender :: I have worked for the city for almost 15 years until recently and then due to a cash crunch, I was laid off last month. They are trying to work through the cash flow issues with the city and expect revenues to increase as the economy returns in which case we all should get our jobs back. In the mean time we have my wife’s income and I am out looking for work as well as doing odd jobs around the area we live in.  Together we can make about $65,000 which provides us with $2500 every two weeks. Although the money is really tight we are surviving just barely and do not want to lose our home.

We heard that the banks and government are backing this program to help people avoid losing their homes as well as lend money to consumers who did not previously qualify for a loan due to lack of income, poor payment habits and otherwise poor credit individuals. We really need your help to get us through this current crisis and would appreciate your serious consideration to our application for a sub-prime mortgage loan.

Category: Home Mortgage Loan APR 5.287% APR 5.717% APR 6.900%
Loan Principal $250,000 $250,000 $250,000
Payment Schedule Monthly Monthly Monthly
Length of Term 15 30 30
Amount to be paid $349,675.18 $464,974.86 $509,458.90
Total interest paid $99,675.18 $214,974.86 $259,458.90
Paid per installment $1,916.03 $1,273.90 $1,395.78