Where can I find a loan to pull me out of foreclose situation that I am in?

Question

I lost part of my janitorial business with a stated income and I also have a regular job. I was trying to refi before I lost the business and know I can't because of the NOD.

Answer 1

Hi: nowadays its not that diffcult to find agencies (honest ones) that overlook your credit situation or so.
I myself been in some trouble iwth moeny so I had to borrow some.
Surf these articles, they may help you http://www.badcreditfinancialexperts.com/article/

Good luck!

Answer 2

Are you still working with the same person you tried to get the loan through at first? Is he a mortgage broker? If not it does not matter.

Find yourself a mortgage broker that specialize in sub-prime loans. You should be able to find one in your local telephone book. Tell him about your NOD, what the appraiser appraised your house for when he did for the other lender. You might also tell him that you have just got tossed by another lender because of the NOD. Just remember that this quy specializes in people with challenged credit and adverse items on their credit report to include NOD's, charge offs and other negative items.

The key to this whole process is that you were self-employed and also had a w-2 paying job also. If you could not make the mortgage payments while having both jobs what changes now that you have lost your self-employed business and only have your W2- employment as income?

You can still get a loan from this sub-prime mortgage broker if you have the equity in the property normally 80% or below. You can also get a fixed rate for 2 or 3 years depending on what you are qualified for and that would be based on your credit score and equity in your house. You might still have to go stated income.



I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Where are you located? If you're in California give me a call, I am a Mortgage Banker that specializes in Sub-Prime, I should be able to help you, depending on when the NOD was served.

Give me a call & we can discuss the details.

Regards,
Mike Noga
First Fidelity Funding
Direct: [phone]
Main: (510) 587-REFI (7334)

Answer 4

Sorry to hear about your troubles, but my news isn't going to cheer you up any. Lenders will not lend money to people who default on their mortgage (at least not for a year, but typically three). It just doesn't make much sense.

You can try a hard money lender or a local bank if you have a tremendous amount of equity in the home (think 75% LTV or better).

Best of luck.