Hard Equity Lender In Mississippi

Comments(13)

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  redtoy696th February, 2006

  Yes it can be done.We do it all the www.time.It depends on how much equity is in the home and how much they owe to the courts. When selling the home the bankruptcy can be paid with the equity. They could also refinance while they are still in chapter 13 and pull equity out to pay the court and if they still want to sell they could and will be out of bankruptcy.

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  rbjj6th February, 2006

  Thanks Redtoy69 for your reply.
  
  When you say we do it all the time, who would you be talking about. Are you an attorney and do it for people , just who is we.
  
  Also is there a special process you must follow in order to sell the home ( or do you sell it the normal way ), Do you have to get permission from the bankrupucy court to sell the home, or let them know you are selling.
  
  If my friend can sell and take the equity and pay off the bankrupucy early would that make their credit look better.
  
  Thanks

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  rbjj11th April, 2006

  I am bumping this in hopes I might get some good replies.
  
  Thanks !
  [addsig]

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  rbjj11th April, 2006

  Bump, Bump !!!!!!
  [addsig]

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  ypochris12th April, 2006

  Sorry, I guess I was in a mood last night. I also have kept a child in an expensive school when it made poor financial sense.
  I am sure the bankrupcy judge would be happy for them to seel their home and pay off their debts. Buying another home right after bankruptcy might be a trick. I would suggest owner financing- land contract, lease option, purchase money mortgage- that sort of financing. Traditional lenders would want a hefty premium if they went for it at all.
  
  Chris

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  rbjj12th April, 2006

  Hey Chris , we all have them ( moods at times ).
  
  That is their plan , if they get approval from the trustee to sell the home , is to try to rent to own or l/o a house for a couple of years , and try to save some money, before outright buying again.
  
  I was just trying to help them by asking the question here, where I have received some much helpful advice, if it is possible to sell and pay the bankrupucy off early .
  
  Thanks for your reply, and any others that might have any helpful advice.
  [addsig]

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  tonydicorpo12th April, 2006

  yes. until the unpaid judgement gets older naturally, they will ost likely have to pay it off to get additional financing for most anything. and depending on the amount of the judgement, it could affect them more or worse.

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  lavonc18th April, 2006

  If you got a judgement, at the end of the 7 years you can restate it for another 7 years. You just have to stay on top of it to make their life as painful as possible.

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  InvestorGuyTN24th April, 2006

  I think if your financials and credit are up to scratch using a broker is silly
  
  i find you can always get a better rate with lower closing costs if you fit in with the banks strict criteria compared to a broker

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  ypochris26th March, 2006

  I forgot to mention a "minor" complication- the purchase money was borrowed (naturally) in the name of the LLC. So back to the subject line- How can I use these LLC assets and payment history to help me get loans at a reasonable rate?
  
  Thanks,
  
  Chris

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  estateXchange28th April, 2006

  Try using "private money" instead of hard money. It sounds like you had money before you purchased the land in Hawaii. People with money generally know people with money. Maybe you can start with asking your partners then asking everyone you come in contact with if they are willing to mortgage your investments. Pay them say 8% which would be a rate between hard money and conventional financing. Buy a few properties, fix them and sell them for liquid cash. If you want to hold them, consider taking out a home equity on them.

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  Eric530th April, 2006

  My guess is that the lines of credit, although they are secured, are hurting you.

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  InActive_Account30th April, 2006

  Pay down the cards with the high balances. Leave the zero balance card accounts open.