All Forum Posts by: Account Closed

Found a private lender but his contract was crazy! Make one wrong move and he'd take the property. So, I'm going to try this No-doc lender idea too, call a real estate attorney see what they say and check out a few banks. I'll try all of you guys advice to see what works. Somethings gotta give.

Bankruptcy? I'll call around right now to see if it's an option in Michigan to still keep my home. I really do not want to file bankruptcy but hey I may have to if nothing else works and soon.

No-Doc Lenders? This is my first time hearing of it. I will definitely check this out ASAP! And thanks for the other advice too, I appreciate all of the help.

This is the situation:

I have been on a payment plan with the treasury dept. I defaulted in March. They will not accept payment from March til current, explaining to me that I have to pay the entire bill for the past due years. I've never had a note/mortgage on the property. I have never taken out a loan or grant on the property. I own this property free and clear. It is completely paid for. I just owe property taxes on the home, that's it. My business does generate income per project not weekly. Also, I'm currently in training for a position with an outside company that starts paying at the end of the month. I have tax returns to validate my income. Also, I have another form of monthly income. I am able to make monthly payments with the income I currently have. With that being said, with my current living expenses, income is currently limited but on the rise. I just don't have the entire amount for the property tax bill. What do you suggest in this instance??? Still sell??? Also, if I just move out so that it's non-occupied, will that help to get a loan?

Hello,

Any advice will help. I am a homeowner in Michigan who currently resides in my single family dwelling. This is the only property that I currently own. I have terrible credit. Also, I am currently self-employed with minimum income as I have previously been disabled. I owe property taxes that are due ASAP! I have been looking for asset based hard money private lenders. I figured, I should borrow, use funds to pay the property taxes and complete repairs to bring it up to date as well as personal expenses. If I am able to do this, I would be clear of property taxes and would just owe my lender. I will pay the lender according to the contract, then flip the home so that I can pay off the lender quicker.

Does this seem realistic? Are there any lenders that will lend to a property owner, asset-based only, no credit check, no income verification (only because its currently minimal, but not for long) and possibly no personal guarantee??? If I have to submit tax returns then I will.

I also had another idea to just sell AS-IS, take the funds, purchase 2 properties (1 to live in and 1 to flip). The only problem is it's worth more if I can get the repairs completed and property values are skyrocketing in my area, so I'd really rather not sell right now, maybe in a year. 

I own an LLC does this help?

Also, I have never received a mortgage, a homeowners loan, a homeowners grant, repair assistance or anything.

I've checked businesses that either require money to loan you money which is ridiculous. Also, many say that because I live in my property, that's an issue.

Please jump in and respond. Thanks!