Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Beneficial Finance – Is refinancing available on a existing mortgage which is through a “Private Lender”?
Beneficial Finance – Is refinancing available on a existing mortgage which is through a “Private Lender”?
The individual & his partner that sold us the property carried the full purchase price amount (less the down payment), as a “Contract of Sale”. Over the last couple of years both parties (buyers & sellers) have been faced with some kind of financial, real estate, health &/or family “issue(s)”, one of which, is being us, the buyers. Thus causing our Mortgage payments to fall behind, drasticly. So in order to refinance, (with Benificial or another Mortgage / Lending Company), they would be paying off two individuals (the partners), not a actual “Mortgage Company”. Does this create a problem? What if the property is in foreclosure, how would that effect the odds of getting refinanced with a new Mortgage Company?
Although, there’s at least one good thing in our favior…
Please advise. Thank You.
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Filed under: Mortgage Refinancing · Tags: available, Beneficial, existing, finance, lender, Mortgage, Private, refinancing, Through
Also, no covential lender will loan money to a property that is in foreclosure. You have to use a foreclosure bailout lender. They usually require a 70% loan to value before they consider loaning you money.
At this point, your equity means nothing if the banks foreclose on this property. If you’re in Southern California, contact me and I’ll see what I can do.
Regards
Sounds like you may have some challenges securing a loan, due to the fact that you have a bad payment history. However, if you have stable income, decent debt to income ratios and an otherwise clean credit report, you should be able to accomplish your goal.
Be persistent…
Regards,
Joe Ballarino
http://www.amerivestrealtyofnaples.com