I have been in and out of bankruptcy since 2001. Read my success story “We Had to Build This House” to understand more about my plight. I was just DISMISSED from chapter 13 on Feb 15, 2005. I am behind 50 payments and owe $372K to Indymac Bank on the house including $100K in back payments and taxes. The house is worth $475K appraised Nov 2005. This appraisal was a bit aggressive then but it should be still worth this value.
I have been applying to sub prime lenders like Ameriquest to refinance and have not found a lender yet. My credit score is about 500 and my wife has a score of 620. I made $100K last year doing deals and will make $200K before mid year this year. Cash flow is still a problem but I will be able to struggle thru it. I do not have any other personal payments, all the cars etc are paid for and owned by my Corp. My wife has limited income from part time daycare but does help with the REI business. She could do a stated income loan and use the income from the business.
I am looking for ideas on how to get out of this situation and start over yet again. Bankruptcy is not an option. I do not want to sell my dream home I worked so hard to build. Are there lenders that will do sub prime loans at 80% LTV in Texas or do I need to find a hard money lender. Is my only option a private investor to purchase the house and then lease it to me with the option to buy it back ( illegal? ) Any other ideas, options, education, thoughts would be appreciated. I still have time but the first Tue in May is just around the corner.
The first thing that popped into my head is that Texas allows home equity loans now for up to 80% of your home’s value, but not being a loan officer or finance specialist, I don’t know if that would help Ted.