Lender For Equity Line
I have a friend that i helped rehab her house. She has crappy credit due to a divorce(collections,late bitlls and what not)
She refinanced he house in 2004, and has 19months of no late payments on the new mortgage acct. It is a 30yr fixed loan for 177k, with a now balance of 175k.
I pulled her credit and her score is 642. She needs to get an equity loan on this house. The appraised value should be in the $900-950k. So there is plenty of equity in the place.
She only needs about 50k, what are my options? Where can she go? Any lenders that you know will do this.
Also her current income is minimal. She has a divorce alimony income of $3000 per month, court ordered but he has stopped paying. That is the reason for needing the equity loan until the property sells
You may want to also suggest she start looking for a job - at least until she gets the alimony money turned back on....lawyer fees will add up fast.
House is currently listed for sale but that takes a while at that price point and with the housing market cooling a bit.
The funds are to cover holding costs at least till next spring/summer selling season.
Will having the house listed have any effect on obtaining a loan? BTW it is Own Occup
All mortgages that I got so far always required that the house was not listed for sale within the last 90 days. I see a big issue there if it is currently on the MLS. Might need to go with a hard money loan. A hard monkey loan.
Based upon the minimal information provided I have a private investor for you. If the house was not listed on MLS I could have gotten a wholesale lender for you that would only charge 6.5% interest.
It is possible to find a lender for a house 1 day off the market.
Here income is a problem, but workable.
They need a broker who does hard money loans. They have enough equity to make a deal work. But they need to sell and the best way to make that happen is price.
It will be cheaper and better for the credit rating to mark the property down and move it.
Hi. to answer your question. Realtor forms (I have my license and Reator cert.) have a assignment section typically. Any new contract can potentially be assigned as long as the clause is inserted into it. Most realtors automatically check no on their contract right off the bat. Here in florida its a check box either yes or know. You can follow the previous instruction on the thread to place the and/or assigns in the buyer name part. As investor books will tell you, some sellers may not like this and the response to them is that you may transfer this contract to your company or investor group before closing but they will still close and seller will get paid. That works for me.
Hope that helps. I have assigned 21 properties this past two years, you just have to learn the tricks and how to push through the problems that Seller and even Realtors bring when they are un-familiar with this process.