Posted by ABCLS on May 26, 2005 at 23:28:37:
Anyone who owes less than 70% on their house, should not really have a trouble refinancing now a days unless they are without a job.
Pre-foreclosure Bailout With Private Funds? - Posted by Big Harold
Posted by Big Harold on May 25, 2005 at 04:58:09:
Hello,
I’ve been working with the idea of having people in pre-foreclosure get a second on their property to both pay back payments on their first loan and my fee, which would be $10K on each deal. The second loan interest rate would be around 15%, and always would make the total of the first loan and the second loan together no more than 70% of the appraised value of the property. Do you think I would be able to find private funding for this? Of course, the homeowner’s credit isn’t good at this point, and all the fees would be rolled into the loan, so they wouldn’t have a down payment. The loan payments could be structured any way, but I think the best would probably be interest-only payments for 2 to 5 years, then the balloon of the entire balance at the end of this. Please let me know your thoughts on this. Thanks.
Harold Wilson
Real Estate Investor