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Old 03-01-2010, 01:15 PM
 
47 posts, read 67,402 times
Reputation: 13

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Anyone know of a good way to search for hard money lenders or those who lend money based on just the equity you have in your home? Or perhaps private investors willing to take on the risk of loaning in such a situation?
I cannot get a traditional loan as I am self employed with little income. I have tried around with banks and credit unions. I am not concerned with paying back the loan as I will be able to make the payments until my home is sold. I am putting it on the market shortly and will have it priced right to get it sold.
I probably will need someone in the area to make such a loan. Yes I do realize the rate will be very high.
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Old 03-02-2010, 08:38 PM
 
214 posts, read 823,470 times
Reputation: 129
Quote:
Originally Posted by cuppy445 View Post
Anyone know of a good way to search for hard money lenders or those who lend money based on just the equity you have in your home? Or perhaps private investors willing to take on the risk of loaning in such a situation?
I cannot get a traditional loan as I am self employed with little income. I have tried around with banks and credit unions. I am not concerned with paying back the loan as I will be able to make the payments until my home is sold. I am putting it on the market shortly and will have it priced right to get it sold.
I probably will need someone in the area to make such a loan. Yes I do realize the rate will be very high.
Hi, I am in the mortgage biz and real estate as well. What type of loan are you seeking, personal, equity, home? I couldn't grasp your question.
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Old 03-08-2010, 05:51 PM
Status: "48 years in MD, 18 in NC" (set 23 days ago)
 
Location: Greenville, NC
2,309 posts, read 6,111,036 times
Reputation: 1430
He has a stated income with no means of supporting himself. He's probably looking for a HE since he's willing to put his house up. Unfortunatetly right now the last thing any bank wants is to take the risk of another loan going sour. Since it wouldn't be a mortgage (he didn't say whether he currently has one or not) if he does default the bank would be stuck with it since the Feds don't buy bad HE loans.

Good luck!
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Old 03-14-2010, 09:45 AM
 
47 posts, read 67,402 times
Reputation: 13
Yes I am aware a bank is not going to take this loan. I already tried the banks. What I am looking for is a private investor for a home equity loan. Someone who will buy the mortgage I have with a cash out still leaving half the equity in the home in it for at least 6 months while the house sells. I would not default as I would be able to pay the loan month to month until I unloaded the house. I have thought this through. Very little risk for me as I am in a good area where homes still are selling. Little risk for the investor as well as I am selling. I do not intend to stay here as I will have better job opportunities back where my family lives.
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Old 03-15-2010, 09:06 PM
 
214 posts, read 823,470 times
Reputation: 129
Quote:
Originally Posted by cuppy445 View Post
Yes I am aware a bank is not going to take this loan. I already tried the banks. What I am looking for is a private investor for a home equity loan. Someone who will buy the mortgage I have with a cash out still leaving half the equity in the home in it for at least 6 months while the house sells. I would not default as I would be able to pay the loan month to month until I unloaded the house. I have thought this through. Very little risk for me as I am in a good area where homes still are selling. Little risk for the investor as well as I am selling. I do not intend to stay here as I will have better job opportunities back where my family lives.
Have you tried a loan assumption? This will not free up the equity for you, however, if you found an investor, it would be easier to transfer title. Also, you might want consider auctioning your home, if you are not under water in your mortgage. People are now using auctions to sell their homes, and it doesn't have the same negative connotation, as having to Auction due to foreclosure. Investors at the moment are interested in buying when they can accrue immediate equity. Hope this helps and good luck.
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