Are there investors that will carry a mortgage for the owner of a home being foreclosed on

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Are there investors that will carry a mortgage for the owner of a home being foreclosed on


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In theory, yes, they are called hard money investors…..however, you’d better to be able to PROVE DEFINITIVELY why you’ll be able to pay them when you weren’t able or willing to pay your mortgage in the first place, and come up with cash/down payment money. Hard money loans do not have to conform with usual mortgage quidelines, can (and usually are) VERY short term loans with interest rates than can be as high as 20%. Think of legalized loan sharking, and you’ll get the idea…..These loans serve some purposes, but not sure bailing out borrowers in pending foreclosures is one of them.

Answered over 1 year ago
Ted Rood
1219 6
over 1 year ago Ted Rood said:
 

Hard money lenders can and do loan on owner occ properties, and most prefer to since the default risk is lower than investment properties. Not saying that’s a great alternative, but wanted to correct the inaccurate info below.


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Good Morning. If you or someone you know are being foreclosed on, I would strongly suggest that an effort be made to try and sell the property through a short sale. The property must be listed with a real estate professional and included in the local Multiple Listing Service. There are potential relocation incentives that may be offered and a possibility of delaying the foreclosure sale date.

With respect to getting a loan while you are in foreclosure, I’d say even a hard money private lender wouldn’t lend as they typically only loan on non-owner occupied properties!

If you have any direct questions, send me an offline email. Thank you and good luck!

Steven Ceceri

Answered over 1 year ago

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