A friend own a house with lots of equity. Unfortunately, he let his credit slip for various unfortunate reasons. What are his best options to refinance his house, pull some equity and explore real estate investing?
Thanks for any constructive suggestion !!!
What exactly are the credit problems? If tax liens or judgments they will need to be paid out of the proceeds. Lenders price loans to the risk- if the borrower has poor credit they will pay a higher rate. What is the income that the borrower has? How can we fix the problem in the long run? All credit is fixable with income.
Thanks for your reply. No tax leans, No judgements. Really good income right now. My friend's main concern is his ability to find a lender who can work with him. He understands very well that his credit will need improvement and he is working on it.