Advice on different options

General Real Estate Investing
1

OK Seasoned Investors,

I need some advice on some possible creative options for my own property.

Due to some personal setbacks I find myself in a bad situation. I have quite a bit of equity in my home and I don’t really want to sell but I need the money to carry me for a few months.

My house was appraised last year for $365,000. I am sure it is worth more now. I owe $292,000. I can not refinance through traditional channels to get at the equity due to my debt to income ratio. Normally I have excellent credit but an unexpected injury, time off from my business and major medical bills have put me behind the eight ball. My income should be back to normal in about six months but in the meantime I need to pay my bills.

What are some of my options. I considered leasing or renting my property out but that doesn’t give me access to the equity. I can sell it and move but is that really my only option? I will if I have to but I really hate to loose the place. Especially the way the property keeps increasing in value.

Anyone have any suggestions. I really have to figure this out quickly.

Thanks for your consideration.

2

Cybergirl,
I’ll give it a shot. I don’t have to tell you to try to do all you can to protect your credit. Do you have a 1st and 2nd on your prop? If not you can try to go get hardmoney and back it with RE giving the lender a second note. This might work; although, it will be expensive. You can do the same with a friend or relative (probably the cheapest way to go) or you can try to do a nodoc loan to get a second. Do these options make sense? Hope this helps.

Mark