ok here is th deal...i am in the process of buying a home..but if you have ever bought a home before you cannot have a certian amt of debt when u apply. (the banks think your a high risk) but i have one high bill that i need to pay NOW! the money that i need i could take off my cc, but it cannot show that it was taken from the credit card. WHERE can i get a loan that will not show on the credit buerau, but give me the cash i want and ill repay them after i close on my home. (i have a account that will be released to me on sept 1st 06, with the 6000 dollars coming back to me but i CANNOT touch this acnt untill the 1st of sept...but i need the money now to buy my dream home!!! its making me and my family a wreck! anone out there with real answers??? (please no sarcastic responses, im really stressed out to the max.) need money within 7business days...willing to pay somone interest if they front me the money!! help!---again this borrowing of money CANNOT Show on the credit buerau!!! help!
2006-06-30 16:00:13 · 7 answers · asked by biz lady 2 in Business & Finance ➔ Renting & Real Estate
You need a private lender. Explain your situation to them and hopefully one will be willing to take on the risk. It will help a lot if you have a steady long term job. Private Lenders charge more interest than banks and some of them do show up on credit search - make sure yours doesn't. In Canada they advertise in major newspapers under the category, "Money to Lend." We got our house this way and it worked great. Good luck with the dream home!
2006-06-30 16:04:58 · answer #1 · answered by Samlet 4 · 0⤊ 0⤋
I am having a problem understanding your question. You say you need to borrow the money to get your dream home and pay off a high debt. Are you paying this debt to bring your debt ration in compliance with FNMA guidelines so as to get a certain interest rate?
If your credit report was pulled and this high debt was on it then why is it a problem now. Tell your loan officer that you are having a difficult time paying this debt, to recalculate your debt ratio, which might put you at a higher interest rate but you still get your home.
You had better look at the application you signed before you borrow any money, that is called fraud, you could not only lose your all ready approved loan, but lose your dream house also, there could be other repercussion also.
Your loan officer should have told you not to make any major purchases or get any new loans until after the close of your transaction involving your home.
The only way you can get a loan that does not appear on your credit report is a private loan. If your lender ask for a paper trail of where you got the money, you would have to come up with a person that would say the money is not a loan, they might even have to sign a document saying the loan was a gift on their part. In some instances the lender might also ask the person you borrowed the money from to show where they got the money from.
There is another way, you need to find it.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-06-30 23:22:10 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Honnestly, no one will do this. Why would someone even be nice like that. Everyone is a risk. What I suggest is you borrow from a freind or family member. If you are scheduled to close and you JUST found this out you need to go with a new lender. You should have known this before you house hunted.
Plus, shop a mortgage broker because 1 lender to another does not have the same requirements.
Best Wishes
2006-07-01 02:14:55 · answer #3 · answered by ? 4 · 0⤊ 0⤋
What is the money for? would the this money had any thing to do with the purchase transaction? Are you doing a 100% financing? These important questions. If the money has no relation to the purchase of your dream house then you could get a family member or a friend to front you the amount until you funds are released. If you have a mortgage broker helping you with the loan you could run your situation by him/her. I am sure they are able to come up with creative ideas. Good Luck and Congratulation
2006-06-30 23:50:53 · answer #4 · answered by remadeeasy 2 · 0⤊ 0⤋
Title Pawn, Private Lender, etc.
2006-07-01 00:23:07 · answer #5 · answered by BALJP 1 · 0⤊ 0⤋
There is some useful advice here.
2006-07-02 11:33:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
How much do you need?
2006-06-30 23:04:01 · answer #7 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 0⤋