Foreclosure Postponement/Acquisition Loans

Financing, Hard Money Lenders, Private Money
1

Hi Everyone,

I have a foreclosure that I am working that the bank has just approved a short sale for. The challenge in this deal is that the foreclosure sale is Tuesday November 7. The bank has asked for 2 months mortgage and postponement fees to stop the sale on Tuesday and allow for closing on November 30. Can either of you direct me to a lender that would cover postponement fees and acquisiton of a foreclosure home. Or if anyone is able to do a short term loan for the deal please contact me. As always if you have any other suggestions on this deal shoot them to me. The stats on the property are below.

location: Atlanta, Georgia
appraisal: $199K
flipped to a buyer to close Nov 30:$192K
purchase price: $142K
posponement fee: $3K
built:2001
sqft: 2346
stlye: colonial
lot: 3/4 acre
bed: 4 beds
bath: 2.5 bath

Thanks in advance,

Jamal Brown

2

No sarcasm involved, have you thought of doing one of those title loans on your car? For only needing $3k that might be a good opportunity even if you pay a ton in interest and fees.

3

yeah I have thought about it. I think I may explore it further.