Need advice
I just recently been involved in trying real estate but I think that instead of talking about a success story, I just realized I'm in a nightmare of a situation.
To make a long story short, I was enticed into buying a house for $500 down and at the end of closing receive funds in the sum of 2500 bucks. The house was already rented and it sounded like a good plan. The plan was to get a hard money loan for couple weeks until my permanent financing kicked in. However, this was back in May of 2008. After trying about 6 different lenders to try to get my permanent financing in place, last month I finally got approved for the financing. The problem now is that the interest rate for the hard money loan got out of control and now I'm having to pay out of pocket close to 5 grand to close the loan. The problem I see is that I was never told by the company that I bought the house from why it was taking so long and why I was never approved after 6 attempts if I was pre-approved with them before we went through all of this. I just received a letter that at the end of March, the house will be auctioned off as a foreclosure.
At this point, I don't know what I should do as this was my very first transaction.