I NEED A HARD EQUITY LENDER FOR A BORROWER WHO HAS A PIECE OF PROPERTY LOCATED IN FLORIDA WORTH 118,000 HE OWES 70,000 AND I NEED TO GET HIM A 70 PERCENT HARD EQUITY LOAN BECAUSE HIS CREDIT IS 486 AND HE IS ABOUT TO BE FORCLOSED ON.ARE THERE ANY HARD EQUITY LENDERS WHO CAN DO THIS LOAN?
If he can’t pay his mortgage with a conventional loan, how can he afford the points, fees, and confiscatory interest rates charged by a hard money lender. Maybe he needs a second job instead of a hard money lender.
Mike
Maybe one of the lease purchase contracts will work… Find a person who buys homes sell it to them for what the current owner owes 70,000- new owner will lease it back to current owner for 12 months for a new purchse price of 1/2 the equity that the current owner has invested… saves his credit dosen’t have a foreclosure and improves credit or new owner keeps house if the lease contract is broken and if so the investor just cashed in on a great deal for only 70,000- Then if the contract is kept owner can refinance and show vested interest in house and improved credit and ability to pay on time etc…
Val
hard money prob will not work!
Do you have an appraisal? what is the value on it (118,000)
Does the house need work?
Is it wood frame? alot of hard money lenders will not do wood frame
118,000 @ 70% 82,000
Broker points 2 , lender points 2, Closing cost on 100K house is about $3,100
Foreclosure cost: $2500 Attorney fee
Accrued interest on behind payments… How far is he behind on his payments? ( WHAT IS THE PAYOUT)
The house sounds overleveraged
If he can't pay his mortgage with a conventional loan, how can he afford the points, fees, and confiscatory interest rates charged by a hard money lender. Maybe he needs a second job instead of a hard money lender.Mike
I have to agree with Mike. If they cannot handle it now…the exhorbitant payment from a HM Lender will not help.