I was recently laid off and cannot make my mortgage payments. My financial counselor has not been able to secure an equity loan or refinance due to my poor credit rating and the lender's say that the house needs too much work. It has now been suggested to me that i let an investor buy the house. I would receive some money up front, the investor would make the monthly payments while making repairs to the house. When the house was ready to be sold I would receive additional money. Does anyone have first hand knowledge of this program and whether it is a good deal for someone like me?
2007-12-11 07:35:10 · 5 answers · asked by Linda P 1 in Business & Finance ➔ Personal Finance
take the deal and count your blessing!!!
2007-12-15 01:43:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Try to check references on the investor if you can find anything out about them. There are a lot of scams out there, people trying to take advantage of someone in your situation. But it could be the best offer you get. As you say you get some money up front, as opposed to just being foreclosed on and getting nothing. Are you supposed to live in the house while repairs are being done? Get a lawyer involved and make sure you are protected - the risk is that the investor pays you a small amount, you sign over deed to the house, then he doesn't make the monthly payments, and you get foreclosed on anyway ruining your credit further for several years. If you could sell the house "as is" for what you owe on the mortgage you might be better off. I don't think the investor plan results in you getting much or being able to live there much longer anyway.
2007-12-11 15:52:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Find a way to make the mortgage payments.
A investor will take any equity you have in the house and may give you a small amount.
Who every your financial counselor is probably needs to be fired. They have helped you get bad credit and on the edge of losing your home. Find 6 roommates or rent out the house and live in your car, whatever it takes to keep the house if you have any equity at all or credit that can get worse. Use the unemployment to pay what you can on the mortgage even if you have to eat at the soup kitchen.
2007-12-11 15:48:51 · answer #3 · answered by shipwreck 7 · 1⤊ 0⤋
It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this natureenter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.
2007-12-14 11:44:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Have you personally contacted your lender? That is the next step you should take. Explain your situation and ask them to work with you so you don't lose the house. I hope your financial counselor has already suggested that.
2007-12-11 15:55:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋