Unfinished foreclosure proceedings almost derail refinance

Loan officer: Alex Greer Property type: Singlefamily home in Palo Alto Appraisal value: $1.2 million Loan type: First and second combo Loan amount: $625,500 (first)/ $100,000 (second) Rate: 4.25 percent (first)/ 5.24 percent (second) Backstory: Borrowers who endured a started foreclosure that was later cured wanted to capitalize on lower interest rates and get rid of their 5 percent adjustable rate mortgage. Their mortgage company denied the request. The borrowers believed they would be forced to wait through the seven-year period before again obtaining a conventional loan.

They felt interest rates wouldn’t be nearly as low several years from now and wanted to weigh their options. A coworker familiar with their situation introduced them to Alex Greer, who helped them navigate the maze of complexities and paperwork.

Greer relied on his 23 years of experience and familiarity with automated underwriting procedures to root out the problem. It wouldn’t be long before their credit report no longer contained a foreclosure and the borrowers had their loan funded in less than three weeks. Alex Greer, The Mortgage

Outlet, (408) 352-5147, agreer@themortgageoutlet.com