Posted by kenny on December 20, 2002 at 11:51:25:
Thank you Mr. garcia , for your advise, and ESPECIALY for your good wishes .
Our best to you and your loved ones, and to ALL !!!
MR. GARCIA , CAN YOU HELP?!?! - Posted by hopefull
Posted by hopefull on December 19, 2002 at 15:28:16:
I WOULD BE WILLING TO DO A one year payoff with ANY lender. But the sellers
are not willing to carry , at all , for any length of time, due to sellers age on one of them ( 92 ) and financial dificulties on the other property.Can anyone refer
me to the right place ??? LTV is only 50%.
We have 2 house which are available to us, for $43,000,
( 1 for $20,00 0r less, and the other for $25,000 or less ).
The tax assessment for these are $93,070 ( $,38,530 and $54,540 )
According to the surrounding property values,
they will be relisted at over $100,000,( $54,540 and $70,000 )
after minimal work.
I am an 18 year veteran carpenter.
My credit is not so good ( especialy after recieving a $9,200 counterfiet
cashiers check this year, from a motor vehicle sale ),and we have no money to
put down, BUT are
hopeful the current property value itself will help with this, as the loan
to value ratio would be below 50 %.
We need $45,000 or less to close, but would like
to have an extra $7,000 for beautification and the little rehab there is.
No payments for a set amount of time( 3-6 months ) would also be a plus .
We are looking for a maximum loan period of 24 months, but a 30 yr over all
( to keep payments down ), with a balloon in 12-24 months,
as we intend to clean up our credit and re-finance,and/or relist.
I am looking forward to hearing from you,and am flexible on
terms and conditions of loan.
My annual income is $10,000 average, i am 38 yrs old with not good credit.
Would it be easier to get a non income verified loan?
Thank you for your time
and consideration .
Best reguards to you
and your loved ones
this Holiday season
and ALWAYS !!
Our love and prayers to you and your loved ones !! GOD bless you all !!!
Kenny. DeBusk.
P.S. Do you know “the reason for the season”?
Property is located in Iowa.
Re: MR. GARCIA , CAN YOU HELP?!?! - Posted by michaela-ATL
Posted by michaela-ATL on December 20, 2002 at 12:07:09:
kenny,
one way to find a hard money lender would be to look into you local paper for ‘i buy houes’ ads. call those investors and ask them, if they can refer some names.
good luck
michaela
Re: MR. GARCIA , CAN YOU HELP?!?! - Posted by Ed Garcia
Posted by Ed Garcia on December 20, 2002 at 10:57:52:
Hopeful,
It’s obvious that at 50% LTV you could easily go Hard Money. You need to find a Hard Money lender in Iowa.
I went back to see if any of my previous student were from Iowa and no luck. I though I might have a source. Being in a hurry I might have not recognized a State abbreviation for Iowa but for now I’m going to have to tell you to go on a search starting with your mortgage broker and ending with you running an ad requesting an investor or who is willing to lend at a 13% yield loan real-estate secured at 55%. If you can’t find an investor then find a friend with good credit and make them a partner.
Kenny, I’m sorry I’m not more helpful and I’d like to wish you and your family a Merry Christmas and happy holidays.
Ed Garcia