Where can I get a loan to redeem a house in foreclosure?
Question:
Answer:
If you can't get funds from a bank, you might consider going into a partnership with a real estate investor. Have the redeem the loan for a certain percentage of the equity in the house. Agree to either sell or refinance the house within a specified number of years.
You will be giving up a chunck . . . however, you will not lose your home, you will NOT have a foreclosure on your credit report which will cost you in high or denied interest rates for many years, and within a couple years, if you keep your credit in spotless shape, you should be able to refinance and get back on track.
Try a local lender where you have a relationship. Local banks are excellent and they often keep there loan inhouse. See if the present lender can postpone the sale if you have securted a credit line from a bank. 20 day's is short.
Borrow the funds with private sources.
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