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Bad Credit Good Equity Refi With Cash Out Question.

kablm profile photo
  • Sunday, March 20, 2005 @ 03:11 PM EST
  • 4 Comments

I have a mortgage of 285k 1st. The home is worth 500 to 600k. my current rate is 8.9% and payments are up to 2800 mo. This is owner occupied and over 2 years. What Im curious about is how I can get a quick fix and cash out to clear all debt and take my time deciding to sell or keep house. With 70-100k cash out on refi with below 500 fico and mort. lates, is stated/no doc possible? I am self employed and make good money, however the last couple years was slow in my industry and I had health problems that kept me from work. Now its busy and I want to get the ball rolling. I am having trouble making a decision, any advice to newbie? confused

Comments(4)

  • no photo
    kablm20th March, 2005

    Ray, I just noticed the lower part of your post about the equity. Thank you! That is the first time anyone has told me to do that and does make sense.

    So that was my goal, tap the equity and clear debt, buy another property, lower payment to meet area lease rates. seems like it would be the smart way to grow. of course, all based on finding the appropriate financing.
    KAB

  • ray_higdon
    ray_higdon20th March, 2005

    Thanks, I am finishing up an article on equity mgmt as we speak, hopefully will get posted later today or tomorrow.
    [addsig]

  • no photo
    czjaba14th February, 2005

    I have gotten several hard money loans for my properties. I usually pay 10% interest only payments for 12 - 18 months. The investors are covered by having 1st lien position and we get the loans for 70% ARV. As with any company, we are always looking for investors to add to our phone book. If you want more information, send me a message or an e-mail. I can provide good references.
    Thanks, and I look forward to talking with you.

  • no photo
    active_re_investor24th February, 2005

    Melj,

    You are making a false assumption.

    I told you how I lend. I did not say that the folks I fund lack funds to do the work. I had one guy ask to borrow a lot less then 65% as he only wanted the purchase and closing costs. He had plenty for the repairs and prefers to fund that out of his own pocket. He does not want control issues from repair funds being escrowed.

    So, the folks I am dealing with are not staving and unable to complete their projects. They borrow what they need up to the limits and then get to work making money.

    John B. Corey Jr.
    Chelsea Private Equity LLC
    [addsig]

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