I am new to the forum but old to the game. I have a question. I am looking to get some one qualified for a loan to buy my house but they don’t have the best of credit and I don’t want to do any owner financing. Do you guys know of any mortgage brokerages that still loan to people who don’t have the best of credit.
Actually - I can still get this done far differently, depending on how much equity you have in the property itself as well as the terms of any existing loan on the property.
Simply place any existing mortgage into a “wraparound” mortgage. First, I would actually create the loan… and then discount the loan to a note buyer. No bank needed at all for the first part
You would most likely have to hold the mortgages for two months (if it is really bad up to 6) and then sell the loan at a discount of payoff value to “exit” the wrap - paying off any previouosly existing bank loan in the process.
I have a contact I could refer you to for the sale, and I have done transaction engineering consulting for deals like this for a nominal fee - depending on the size of the transaction involved. Please E-mail Me for details.