Does anyone know any foreclosure bailout lenders in central/northern nj?
Question:
Answer:
There are a number of foreclosure bailout companies on various websites. You may also want to search for real estate collateral lenders (or collateralized lenders). Some of these may be federally chartered banks, mortgage companies, or hard money lenders. You'll see significant differences among different programs, so compare the costs and monthly payments for each before you decide to go with a company.
Since you can't prove great credit history in terms of your mortgage (you're in foreclosure, after all), a refinance loan would be based on your available equity and your income. Hopefully you've put some money into your home or values have gone up significantly in the past few years.
Also, you can expect to pay higher than usual loan origination costs, and a higher interest rate. You may be surprised when you see how high your closing costs are, but as your credit gets worse, the costs of borrowing money go higher. However, if you feel you're being taken advantage of badly, then you should ask serious questions.
ForeclosureFish
http://www.foreclosurefish.com/...
depending on the equity, many can help. let me know if you need names
cjkloanguy yahoo com
http://1stmdloans.com Up to 70% LTV bail out.
rondel@1stmdloans.com
Let me know how I can help you!
If you're in foreclosure, it may be hard to get a bailout refinance. Most banks will require that the house have no more than 65% loan to value. To get a rough idea of what your LTV is, you can see what the same type of properties are selling for in your neighborhood, then figure up your loan balance(s) plus the arrearages to get your LTV:
(loan balances + back payments + other fees)/Market value = LTV
Unless your relative is willing to pay full price for what's owed on the property, they won't be able to buy the house. The banks may also be very leary of lending to a relative to buy your house, so I would doubt that they would be able to get the loan. The banks require that transactions on defaulted/distressed properties be "arms length" transactions.
Now, if you can afford the mortgage payments and your hardship is over, you may be able to work with the bank on a repayment plan. Most lenders will require 50% of the arrearages down, and then spread the rest of the balance over several months. We've found that this doesn't work for most homeowners - if you had that much money available, you probably wouldn't be in that position.
The lenders do have many programs available to help out distressed owners - loan modification, debt forgiveness, forbearance... They just want to get the money as fast as possible, so they give you the one option.
If you can't afford the house anymore, then I would contact (if you haven't gotten a million letters and postcards already) an investor that is knowledgable in short sales (discounting preforeclosures). They'll be able to negotiate with the lender to pay less than what is owed, and in some cases, they may even be able to lease the house back.
We've got a lot of info on foreclosure on our site:
Hello,
Contact me there are alot of ways you can do this...
innovativeinvest@sbcglobal.net
Maria
Real Estate Investor
More Related Questions & Answers...