Hello All
Need some help. A NOD property will be signed over to me if I can bring it current. I am able to make the note on the property but do not have the 15k to bring it current. My credit score is low,had a bk in 07. I have 65k in a pension that I can’t touch till I retire (5yrs) the job I’m with now when leave them I can roll 2k in a ira. No collateral due to divorce in 05. Need a lender or private party or someone to help :shocked
Hi,
Look at this from our position. You found a house that's in default and has had a NOD (Notice of Default) filed and is $15k behind with the lender.
If I was even remotely interested in lending $15k in second position, I would want my loan and the primary 1st Trust Deed together not to exceed 80% of loan to value.
Now I suspect if this home had 25% equity right now the current owner would sell it on the open market as there is room to pay fee’s and cost’s. Now very, very few investors will even consider lending in second position and I am not one of them, however in this scenerio when a 2nd Trust Deed were recorded it would probable trigger the “due on sale clause” in the 1st TD’s note and deed of trust.
Now by your own admittance you have lousy credit, have a BK in 07, and don’t have a lot of saved income, so this is an impossible transaction for an investor and has no upside.
Now on a brighter note look for a “Lease Option” property, something you might lease and maybe pay a few thousand for an option consideration and be able to refinance into 2 or 3 years down the road. This way nobody is at risk, and you put your own cash into it.
Good luck,
GR
Thank You.