I am a home owner who is 2 months behind in mortgage payments as I was unemployed for a while. I currently have a part time supermarket job. I also recently got licensed as a Health and Life Insurance Agent. I need some money really fast. I can make $2000 per week in commissions, but it will take some time to develop a client base. About 6 months or so.
In the meantime I need funds FAST. Any suggestions? My credit score is in the toilet (less than 500). Does anyone think a hard money lender will help?
The best way to generate money fast is to work hard. There is no secret magical real estate formula that will generate money when you have no money, bad credit, and only a part time job. I would suggest working at your insurance business and then working AT LEAST one more full time job. There are 168 hours in a week, which will easily allow for over 100 hours of work and still allow for sleep.
Call your lender and explain the situation. Most lenders will help if you communicate with them and start making payments. I doubt that anyone will loan you money with a credit score less than 500 - I know I wouldn’t! REI is not a get rich quick business, especially if you don’t have money or credit. Hard work is the answer to your situation!
When did you buy your home and for how much? What is the interest rate and what is it worth today? There are programs out there they may be able to relieve the monthly payments?
Also, the foreclosure process will start soon if you don’t get you mortgage up to date. Any possibility you can sell you home and move into a more affordable home?
Purchased the house in July 2004. Always on time with payments. In fact, just before job loss, I was AHEAD in my payments. This is depressing. The house is worth $150-160,000. I paid $143,000 and the balance is $141,000.
I would work day and night to build a client base. If you are only two months behind, you may be able to out run this thing.
Do you have anything you can sell to generate cash for a short time?
Down size your automobile? Just a thought.
Can you paint or do odd jobs for other investors that would generate cash?
Write down how much you need to break even every month and find a way to make it happen.
Good Luck and don’t give up.
I love these boards and all the encouragement you all give. I need to visit this one more often
I’m with PropertyManager on calling your lender – they don’t want your house, they want your money. If you can start making payments on time they may considering adding your past due payments to the back into your loan. It’s always worth a phone call to find out.
Ramona has given you solid advice IMHO, hit the pavement and build that client base. And, what a great idea to offer your services to an investor! WTG Ramona.
Good luck to you, you can get out of this. You’ve shown your determination to change your situation by becoming a licensed insurance agent.
sell the house. maybe you can rent for substantially less than the house payment. did you buy the house with no down??? it may take longer to generate $100,000 annual income as an insurance agent than 6 months.
