Consolidating Debt
Hello - we wanted to get a home equity loan to consolidate debt but need to find a company that do loans on stated income as my husband is self employed and gets lots of tax deductions so it looks like he makes peanuts for income. Ameriquest would've been able to do it except for the fact that my husband needed to have been working for that job for 2 years which he was short by 6 months.
Any suggestions?
Hello,
Two thoughts.
1. Find a credit union.
2. Find a good/creative mortgage broker.
Both are usually in the phone book.
I cannot stress enough how helpful both have been in our REIs.
Thanks,
OTW
avoid ameriquest like the plague! I'm currently working a deal where they hold the 1st. House in f/c and they have added crazy fees, early pay penalties, acceleration fees, to amount to around 25k extra. Search a bit re: ameriquest, I think there were some good articles on "ripoff report" website. They home we're buying had a falsified appraisal (including outbuildings that simply were not there!) to raise value for qualifying the folks we're buying from. Now they're in f/c and home is really worth much less than they thought. Do not use ameriquest.
avoid ameriquest like the plague! I'm currently working a deal where they hold the 1st. House in f/c and they have added crazy fees, early pay penalties, acceleration fees, to amount to around 25k extra. Search a bit re: ameriquest, I think there were some good articles on "ripoff report" website. They home we're buying had a falsified appraisal (including outbuildings that simply were not there!) to raise value for qualifying the folks we're buying from. Now they're in f/c and home is really worth much less than they thought. Do not use ameriquest.
Any others to avoid like the plague besides ameriquest?
What about Ditech? We couldn't get a loan through them either but for future deals I'd like to know if they're a good company.
Thanks!
[addsig]
If you intend to pay back the money, Ameriquest is a better source of cash than most others, the problem is that they have created a bit of a monster - they find apprasiers that will overestimate the value and refi even bad credit scores with no docs - a deadly combination. TO the best of my understanding, they do not do 2nd's so you'd have to refi your 1st mortg to use them - if you get a good loan officer at ameriquest, they can waive the 2yr.
But for your best option, you should try a local bank, or credit union - somone who you can look at in the eyes and explain yoru situation and how you can absolutely promise that you will pay them back. Plus this option sholdn;t involce 2 points and 2% orig fees so it will cost you MUCH less in the long run!