We need a loan from either a private person or a lending agency. Our scores are just below 500 and we have been served a Notice of Default. We make a very good income but due to several deaths in our immediate family, we have fallen behind in our payments. We need to either refinance or take a second on our home. We have approximately $133,000 in equity. Can anyone help?
2007-12-04 09:20:13 · 6 answers · asked by cjburl2@yahoo.com 1 in Business & Finance ➔ Renting & Real Estate
Look for a hard money lender.
Don't know where you are or any of your details but here is a sample. This lender goes up to 65%LTV but there are others that will go as high as 75%LTV.
http://www.hardmoneydirect.com/
2007-12-04 09:32:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Just a comment how did you arrive at the equity amount? What you owe now compared to what you paid? If that is the case you may be in error as in some areas prices have already dropped 25% or more. You need to get a statement of what your home is worth, and an actual payoff from the bank or mortgage company first, then you will have a base for the true equity in your home. If you just took your original mortgage and subtracted what you have paid over the years, you are in for a bad surprise, which is what I believe you have done, which is incorrect. Most likely you are out of equity especially if that is how you came across your figures, which would be the reason you cannot get a loan
2007-12-04 09:51:52 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
Talk directly to your lender. Explain the situation and see if there's a way to work out payments that will be within your budget. Foreclosure is very expensive and time consuming, so they'll probably be inclined to work with you. Ask about refinancing and see what they say.
If that doesn't work, go on Lending Tree or any other financing website and enter your information. You'll get a good idea from that whether refinancing is an option for you.
2007-12-04 09:33:15 · answer #3 · answered by Cheryl G 7 · 0⤊ 0⤋
With your credit score, it sounds like selling is your only option.
With that much equity in your house, you should be able to sell your house quickly, even in a buyers' market, and save yourselves from foreclosure.
But you are going to have to gave up some if not all of your equity.
It depends on how hard your market has been hit with falling market prices. Hopefully you are in a market that hasn't fallen at all.
2007-12-04 09:39:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Maybe you can ask a family member or church or some type of agency to lend you the money that will bring you up to date on your mortgage. You can also call your lender and talk to them. Your lender does not want to foreclose, they will probally be willing to work with you. Good Luck.
2007-12-04 09:33:57 · answer #5 · answered by pammi716 3 · 0⤊ 0⤋
wow that is bold. Good luck! There are a lot of people in your shoes. With or without experiencing several deaths in their family.
2007-12-04 09:24:13 · answer #6 · answered by ILoveBeingAMom 3 · 0⤊ 0⤋