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Finding a no income verification, home equity lender

Here are the facts...

My home is worth 2.1 mil and I have just 400K on the mortgage.

Problem is, as a contractor, the income I show on my tax returns is very low. I needed to use about 100K in credit card credit in order to complete the construction of the house and am now paying about 2K per month just to maintain the minimum payment.

Looking for a home equity loan with an eye toward debt consolidation. Would be more than happy to have them all cut in half and even have the bank issue pay off checks to visa etc at closing.

I've never been late with any payments (either on the house or CC bills), but because of the high debt I'm carrying, my score is only about 625 or so.

Logically one would think that an underwriter would look at my situation and see that somehow I've managed to meet my obligations for the past 4 years with no problem, so that trading a $2,000 monthly payment to Visa for a $500 monthly payment to a bank would be a nobrainer, especially given the equity I have built up, as there's zero risk to the lender. But thus far, I've been striking out.

Any thoughts?

Jake
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October 03 2013 - Southampton
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Replies (9)

We offer NO DOC and Stated loans; however only on a first mortgage. Click on my profile to connect.
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October 03 2013
Find a private lender.  A private lender may be interested in a 2nd mortgage on your property if the numbers work.  Private lender's lend based on the asset more than anything else. 
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October 03 2013
Profile picture for woodnblood
Thanks Rick, but it's really a home equity lone that I'm after, because I don't want to deal with the closing costs of a second mortgage.

Are there private lenders that offer such an animal? If so, where would one look?
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October 03 2013
I have a similar deal. What are the best options?

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October 03 2013
1) try contacting the bank you have your banking busienss with
2) try the smaller / local  banks  and credit unions in the Southhampton area
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October 03 2013
There are lenders like myself out there that offer alternative document loans. In these types of loans we do not ask for tax returns, but we do ask for a CPA letter. If this type of loans sounds fitting for your situation I recommend you look into it. I also suggest that you speak with a lender like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
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October 03 2013
I have access to a direct lender who can assist. They actually own lots in East Hampton and are a custom home builder. Offices on Wall Street, access to private funds, hedge fund investors, Government Sponsored Loans and more. Please contact me and I can forward your information.
Thanks!
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October 03 2013
Profile picture for zuser20140609075020673
I have no income verification either and my lender says I have to have income tax returns, I have never missed a payment and I don't carry any cc balances.  im @ 6.5%  also I am not upside down on my house. freddie mac 2005. about 168k  no doc original and never refinanced. 
    funny hu.   I don't seem to have any way that I can see. 
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June 09
Profile picture for wetdawgs
@zuser201....

no income verification used to be readily available, but that is no longer the case.   With the housing crisis, they became known as "liars' loan".    Should you find one now, lending fees and interest rates will be higher than with documented income.
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June 09
 
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Finding a no income verification, home equity lender
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June 09 | 9 answers
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