Hard Money: Borrowers Remedy For Low Credit, Property Foreclosures As Well As Bankruptcy

A married couple from Palmdale, California contacted my office Monday afternoon asking if we can help them save their house. They are delayed in their mortgage payments for 3 months and their home is in foreclosure.

They have children, they love their home, and they do not want to move anywhere else. They've got low credit, in foreclosure and have high debt ratio so banking institutions turned them down.

Knowing the urgency of the couple's situation, I started asking them questions about their monetary situation, what affected their credit, the amount of mortgages they owe, liens, collections, judgments, and so on.

At the finish of our phone call conversation, I told the customer that we can get them a loan through hard money investors. The customer was shocked to hear that they finally could get a loan and steer clear of the loss of their home.

Trying to get a loan through regular banks is subject to limited loan to value, debt ratio, income documentation and even credit rating guidelines.

For property owners or borrowers who have low credit scores, in notice of default, foreclosure or personal bankruptcy, they will instantly get declined by banks. Does it mean that they cannot get a loan and lose their house? Certainly not!

Hard money or private money loan is the remedy for low credit borrowers and who're in economic distress such as notice of default, foreclosures, bankruptcy, credit delinquency, judgments, collections, tax liens, etc.

Hard money is actually equity based, non-fico based lending. Given that the borrower has equity left in the house after the deductions of all mortgage loans owed, liens, charge offs and collections, interest payment waiting times, and prepayment penalty, they might be eligible for this type of loan.

Hard money represents hard-earned money of individual investors, groups, corporations, insurance companies, and hedge fund managers who're able to offer you financing based on equity or even collateral from the borrower.

If refinancing for hard money won't work for homeowners/borrowers who are in notice of default, foreclosure or bankruptcy, you'll find other creative ways that they can get help from hard money investors.

If you're a borrower in need of a loan for your small business, do your research on investment equity and ipo capital by exploring: why go public.

Hard Money: Borrowers Remedy For Low Credit, Property Foreclosures As Well As Bankruptcy
A young married couple from Palmdale, California called my office Monday afternoon asking if we can help them save their home. Check out this interesting article.

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