Is it possible to find a lender that will refinance when you are in foreclosure?
I had a loan modification going with Bank of America, which went on for three years. I did my trial and made all the payments, but they never finalized. They said that they offered a forbearance not a modification...it's been a mess. Now they claim their investor doesn't participate in any type of special programs so they are foreclosing on us unless we can find someone that is willing to refinance for us. We do have plenty of equity in our home. Is there any hope?
This is hard, sorry to hear this. It sounds like one of your best options is to check out hard money financing, also known as private money. Preferably you want to find a local hard money broker who is licensed for your state and is experienced. Having equity in your home will work in your favor. The basic qualifications for hard money are twofold:
#1. You must have decent equity, or a down payment if you are making a purchase.
#2. You must have the ability to repay the loan.
That's about it! Rates are generally higher, averaging 10-12% interest only, but again, it will be a math question in the end. Can you afford it until you can qualify to refinance and does it save your home?
If you are in California feel free to call me. The number is on my profile, and I can answer any other questions and let you know how we can help. I am part of a family-owned and operated hard money company and have been in business since 1988.
Hope the above helped.
Sun Pacific Mortgage & Real Estate | 01.07.16 @ 22:53