I purchased my first fixer-upper in Feb. I had a contract to sell it in August. The contract fell through.
Now, I'm running out of money to pay the mortgages on both my primary and the fixer and all of the bills. :violin:
I've got 150k+ equity in my primary, and 110k+ equity in the fixer, but not enough income.
Are there loans out there to float me for a few months until the house is sold? Are there other options? I've checked with my bank, but they won't increase my HELOC without the income to pay it. Is hard money an option? I've listed it with an agent, for sale or rent, but the market seems to be on pause.
And, the denied purchaser is claiming that they deserve nearly all of the Deposit/Escrow money refunded. :badwords:
Any help or advise would be appreciated.
Hard Money will definitely put you over. These rate are in the double digits and I am sure you are getting a good deal were you are now. I could place you an option arm program which will give you a short relief from your mortgage. I can also place the investment property on the same program and you can cash out on either property up to 80% loan to value. Contact me if you want talk more about the details.