Couple Subprime Questions

[HFG]

I have a few questions maybe some of you guys experienced in the subprime market may be able to answer:

1) Is there somewhere where I can obtain a chart for a range (low to high) of rates someone currently in foreclosure would qualify for? For example, would it be 12%-15% and where are you getting the information from?

2) Does anyone know what the loan to value ratio would be for someone in foreclosure. I've read 60%-65%. Is that accurate? Any suggestions to where to find this info?

3) Is anyone here familiar with NJ bankruptcy law? BK should allow you to retain $18,450 in real property equity. A couple would be allowed a total of $36,900 or $18,450 per individual. Are these figures still current? Does anyone know a good source to find this information?

Thanks in advance. Your input is greatly appreciated.

John

[MoneyMan]

I'm not an expert, only been in the industry for a year, but I do work for a sub prime company in Canada...

1) For sub-prime deals there isn't really a chart with different rates like the banks have. We are usually in the 12 - 15% range for foreclosure deals though. I think it really depends on the lender. I would guess that some of the larger sub prime lenders would have some kind of chart.

2) Not sure about the States, but here if the deal makes sense, we'll lend a foreclosure up to 80% to get them out of their mess. Again it all depends on circumstances, income, credit etc.

3) sorry can't help with NJ law...

[OregonLO]

MoneyMan put it nicely...I'm not an expert but some companies will lend up to 80% but most are going to be 70% or lower (at least that I have seen) and the rates probably would fall somewhere between 11%-15%...I don't know much about your state though, best of luck!