The property does not need to be in default. Any Joe can qualify that has the income to support the new mortgage payment at a reasonable DTI. Should get interesting here as you would have to expect ANYONE who is upside down will be doing this here if available.
I am doing a few here for clients as we speak but am sending the majority of them to a company that specializes in them and knows exactly how to position the files…as they have a referral and affiliate program with brokers.
Alot easier for me as it can be a tedious process working with the lender.
