Updated over 8 years ago on . Most recent reply
Stuck Pre-foreclosure!! Please HEELLPPP!!!!
HELP! I am in pe-foreclosure! I got a person approved for a hard money loan, we purchased a property, and, prior to maturity, we found out that we were not able to refinance due to my guarantor's debt to income ratio. Now, we fixed that part, but the loan has matured so no lender we have tried will touch it because we do not have current payments. The reason we don't have current payments is because the hml will not accept any payments unless it's the full payment. So, what am I supposed to do now??? Just take the kick in the *** and let them foreclose on the property??? There has GOT to be a way out of this, somebody PLEASE tell me how!!
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
If you cannot refinance and cannot sell quickly enough see if the HML will do a deed-in-lieu of foreclosure. Its much cheaper than going through a foreclosure and much quicker.
Can you scrape up enough cash else where and bring the hand money loan current? Credit cards, personal loan, friends and family, 401k loan, sell something?