i am in forclosure and have been trying to get a loan to keep my house, there are two houses on my lot last aprasel was about 2 month ago and it aprased for 750,000, i curintly owe about 550,000 on a 290,000 first and a 150,000 second my fico is in the mid 400. i went through a devorce and a deth in the family at the same time. trying to get cought up and start investing and helping others just cant seem to get a brake, if you can help or give ideas i would be verry thankfull the second is set for sale on 4/14/07 at 10:00 am.
Sorry to hear that you are in Foreclosure… Many of us have been there, so I know you will bounce back no matter what happens… With that said:
If you were to get refied would you be able to maintain pmts.
Some Investors will do lease back… This of course would require the Investor purchasing the property, but agreeing to lease/option the property back to you until you get back on your feet. At that point you would basically buy it back.
Any other RE that you can refi or sell…???
Any other property that you can sell…???
How about moving out temporarily and renting the property???
Relatives, friends, financial friends???
How about your local REIa???
How about a partnership with an investor / or family member for some of the equity???
I would guess your payments are around $3000 per month, and I would guess you haven’t made any payments for around 6 months, so in total you owe the bank somewhere around $20,000 to bring the loan current.
If you can’t afford it now, what makes you think you’ll be able to afford it if someone buys it and leases it back to you? They’ll want the same amount that you’re paying now to cover their costs, plus some to make it worth their while.
If your credit score’s 450+/-, who’s going to loan you money?
It also goes back to if you can’t afford it now, you won’t be able to afford it after the refi.
And what’s the point of borrowing more money just to pay off debts you already owe? When you find yourself in a hole, the first thing you should do is stop digging.
:cool JDS very very good point there is no gold at the bottom of this hole !!! MORE ten likely the first will buy the second at a discount and the point will remain the bill has to be payed /// and if he could not afford it before surely not now !!! AND with a credit score of in the 400 s this is not his first trouble HEY THE EASTER BUNNY IS NOT REAL AND THERE IS NO MAGIC FORECLOUSER MAN /// IT IS THE 12 TH HOUR LIVE AND LEARN
Whoah you guys are harsh. I didn’t read anywhere in there that he/she is looking for a lease back or refi. Perhaps the objective is just to get out w/ some pocket money and not be carrying a foreclosure on the already damaged FICO.