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no loans avail !?!??!

Unemployed, own a $100,000 house and mtg a $100,000 townhouse [ rented at $900/mos in Conn.] carried the mtg for 18 mos and considering forclosure or chapt.11.  anyone want to loan me $30k at prime plus 3.3% for 15 yrs.???   NOT !
btw: cashed in my 401k to buy a house in NOLA and now owe taxes of $30k... thought it might be better than paying $800/mos rent down south . L0L
ps: see my previous post with explitives removed   LMAO
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February 12 2010 - Meriden
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Hi again,

Good to see you have kept some of your sense of humor. I'm sorry to hear you are out of a job. I hope things change soon.

Now, about getting a loan. If somebody was to lend you the $30,000 you need to pay your taxes, how exactly would you go about paying that loan back when you have no job? Would you take the loan just so the new lender could foreclose on you three months later? I'm sure you are frustrated with your situation, but why would you be mad at the banks who don't want to lend to you, if they know that you have no way of paying it back? I don't mean to sound condescending, but seriously, if YOU had the money, you wouldn't make the mistake of lending it to someone with no employment would you?

That said, there are ways of borrowing the money you need, based only on the fact that you don't have a mortgage on your property. You need to find private financing. I call it "hard money". it is typically loaned to you by an individual who acts as your mortgagee. He will lend for a short term, usually 6-12 months with several points (2-6) up-front and charge 12 or 13 percent interest. He might not require you to make payments, but you have to pay off the loan with all the points and interest at the end of the short term. It isn't loan sharking, but it's pretty brutal. Unless you can sell one of your properties (my recommendation), it will get you by until you figure out how to pay it off. You can use a search engine and type "hard money lenders in _______" fill in the blank with your nearest city or county. There are websites for finding these lenders also. If you run into trouble finding one, get back to the Zillow community and we can help some more. I just don't want to type in the name of any other websites so as not to violate any of Zillow's terms. Give him a call and don't give him any information other than what he has to know. He probably won't check your credit, and he doesn't need to know your emplyment or financial status. He just needs to know that there are no liens on the property, so that if you don't make a payment, he will come take the property away from you permanently. They do not mess around with repos. Mess up, and your house in gone forever.

Good luck!
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February 13 2010
 
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no loans avail !?!??!
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February 13 2010 | 1 answers
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