Financial Dilemma

Hi, I am new to this website so you may see this in 3 or 4 different sections. Please bare with me.

I own a home free and clear, the problem is that it needs serious rehab but no bank will loan me a dime. My debt to income ratio needs rehab too! I need a lender who will lend to me regardless of the home’s condition and my debt situation. If I was able to get the home repaired I could sell it and clear most of my debt. If there’s a lender in this world that would help me in a situation like this where would I find one?

In Illinois

You would have to a construction loan somewhere. Depending on how much you need there is abank called HFC whcih I don’t like but for your sitatution it might work. They have a line of credit that goes to 45k that if approved you can have the money within a few days and they don’t need an appraisal on it. like I said I don’t really like the company but it could be way to get 45k cash and do what you have to so a traditional bank would accept the appraisal. That depends also on what your credit looks like but if that doesn’t work you would have to shop around for a construction loan.

Thanks for the reply! This bank, HFC, is it in Illinois or are they a nationwide lender? I’ll look into a construction loan if HFC doesn’t work out. If you don’t mind me asking, why don’t you like this bank?


their rates kind of suck…BUT in your situation it going to be difficult to get your house through an appraisal review department in the condition it’s in. If you look in the phone book you probably have an hfc office in your town and don’t even know it. If you get approved you could have up to 45k cash in your hand with in a few days. I know they are computer generated approvals so tell them your house is worth a littel more than it is becasue its not an underwriter making the decision.