2nd Mortgages

[Broodmare]

What is the name of your state? Florida I currently have a 2nd mortgage that was on a 5 yr. balloon. The balloon is up and the bank will not renew. Can not renew the loan thru another financial lender...credit problems, late paymts. etc. The 1st is held by a private investor. He can not wrap-around at this time. They have sent it to an attorney. What are my options? It is only $18,000. on 2nd. 1st is $119,000. Appraised value $270,000. The debt to income ratio is not there. I have built my own business and farm over the past 6 yrs. With right offs, depreciation, etc. tax returns do not look good enough.

 

[-- Cali--G--]

You have a massive problem on your hands as no one will touch this due to your credit, as you say.

I do not want to take you way down the road, but first, there are lenders that will deal with bad credit, at a price, High interest rate for one.

Your "ratio" is significant, as no lender, unless you have liquid assets, as in any equity in your home, 401 assets, ect. will touch this unless you are willing to pay 12 % or higher on a loan.

Get with the company who holds your first, if they realize this may bankrupt you, they may be willing to do something.

This does not look good and I'm sorry for saying that.

What is confusing is that you have equity in your home.

 

[HomeGuru]

What is the name of your state? Florida I currently have a 2nd mortgage that was on a 5 yr. balloon. The balloon is up and the bank will not renew. Can not renew the loan thru another financial lender...credit problems, late paymts. etc. The 1st is held by a private investor. He can not wrap-around at this time. They have sent it to an attorney. What are my options? It is only $18,000. on 2nd. 1st is $119,000. Appraised value $270,000. The debt to income ratio is not there. I have built my own business and farm over the past 6 yrs. With right offs, depreciation, etc. tax returns do not look good enough.

**A: look for an investor, talk to a mortgage broker about a hard money loan, sell the property.