I need a private lender so I don't loose my home.?

Question

I have a mortgage on $95k @ 10.99%, my second mortgage is on $25K @ 12.99%. my payments are over $1,200 per month. I only earn about $1500 a month. I care for my handicapped mother. I am not lieing!! If I could find someone to do like a land contract on my property or something I can get myself out of this rut. I do not want a hand out.

I just need someone to help me out. I am willing to sign over property, in lieu of cash to pay off mortgage, which in turn I will pay interest on $ loaned. I need about 2 or 3 years to clear up my credit so I can get a mortgage at decent interest rate.

Please help,
Bryan

Answer 1

I don't think borrowing money is the answer to your situation. I personally would contact one of the many consumer credit organizations. There are many non profit and church affiliated groups that could get your payment terms extended and the payment amounts reduced.

Please don't borrow again. If you absolutely feel the need there are numerous mortgage companies out there that lend to subprime consumers at better interest rates than what you are paying. Try www.mynlc.com

They are a national company based in Houston but loan anywhere and offer all types of loans for all types of situations.

Good Luck.

P.S. Have you tried making arrangements with your current lenders? You will be suprised how helpful they can be if you haven't already blown them off and have been ducking there calls!

Answer 2

I don't know what state you are in but please check on reverse mortgages before you borrow again. A reverse mortgage will actually pay you rather than the other way around. Check it.
If that does not work look into consolidating the 2 mtges with the lender of the first Mtge.
In addition, if you get any money back from the IRS at the end of the year, when you do your taxes you are overpaying. Get the employer to increase the amount of dependents to get more money now.(it is legal)
Make sure you are filing as head of the household, your mother and her medical expenses are deductible if she is your dependent (you contribute more than 50% of her expenses)

Hope this helps, good luck!

Answer 3

if u have some friends u could sell ur house'(s) and then live with ur friend and fine a small apartement