Posts Tagged ‘hard money mortgage lenders’
Hard Money Mortgage Lenders Can Help Stop A Foreclosure
There are thousands of people today that face losing their homes to foreclosure and the only answer may lie in the hands of hard money mortgage lenders. Yes, there is mortgage restructuring available but the guidelines are too stringent for many people and their particular situation. If you are one of these people, don’t give up hope just yet, there still may be an answer. You may want to find hard money mortgage lenders in your area and discuss your situation with them.
There are a few things that you may want to know about hard money loans before you sign up and take on yet another payment to save your home. Don’t get me wrong here; this can be a much better deal than losing your home to foreclosure or a short sale, as well as salvaging your fading credit score. The hard money mortgage lender will not look at your credit record and will base the loan more on the value of your property than on your ability to pay, although the ability to pay will be looked at closely also.
When you begin to hash out the details of your hard money financing, the first thing that the lender will look at is if he can get a first lien position on your home. Chances are, if you are borrowing the money to save your home from foreclosure, this may not be possible. You will have two chances to rectify this situation. One, if you own other property, the hard money lender may use the other property as collateral for the loan to save your home. Two, if the amount you owe on your home can be entirely paid off and still have the total loan amount at less than 70% of the value of your home.
Depending on the lender, if the first loan amount is low enough, he may not make you pay it off as his second position lien will still give him plenty of room to insure his investment. This is something that will definitely be taken on a case by case basis depending on all factors that the lender is looking at.
Working with hard money mortgage lenders may be your only chance to save your home at this point and is definitely worth a shot. Rather than just give your home back to the bank, or let them sell it for less than you owe, go online and locate a private lender now to find out what your options are.