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Ways To Secure Foreclosure Loans With Other Equity
from:Most people try to secure foreclosure loans with other equity that comes directly from the asset in trouble: their home. You can do this by getting a second mortgage on the home and thus accessing some of the equity in the home to help pay off any missing payments and fees. This can be a good solution if you've experienced a temporary setback that you expect to resolve soon, like a job loss or a medical procedure that has put you out of work for a while. Some rehabbers also use the potential value of the equity of the home after rehabilitation of a property to secure funds from hard money lenders for renovations. However, there are other ways to secure foreclosure with other equity that has nothing to do with the home. It may not even have to be your own equity that you use to secure foreclosure loans with other equity, if you have access to private lenders.
Some Types of Other Equity
If you have assets beyond the home, like a savings account, certificate of deposits, stocks, bonds, or even a self-directed IRA, then you have funds that you can use to secure foreclosure loans with other equity. What's interesting about using other forms of equity to secure a loan is that it doesn't necessarily have to be your own assets. If you know of someone with assets that can secure your loan, you can offer to pay them interest for having them secure your loan with their assets. Of course, this would have to be a private lender and someone willing to trust you to pay back the original loan or have some way to recoup it if you default.
This type of negotiation is very attractive to people with extra money on their hands: private lenders. With rates of return on their assets in the bank generating 3 to 4%, it pays to have them made available to others for use that can return another 5 to 6% for doing nothing other than assuming some risk on your part. Again, you will have had to develop some relationship with private lenders to obtain foreclosure loans with other equity, particularly, if it's not your own equity.
Times When Private Money Is Useful
If you are trying to buy a pre-foreclosure and working with an owner and the lender becomes aggressive in their foreclosure proceedings, you can secure foreclosure loans with other equity from private lenders to buy you time. These would amount to short-term loans that are repaid as soon as you close on the house and recoup your investment. If you are the owner and need monies to renovate before selling, this can be another reason to use private money.
Military Foreclosure Home Loans News
VA Home Loan Centers Adds Chat Functionality to its Web Site
VA Home Loan Centers http://www.vahomeloancenters.org unveiled today a new client-to-agent chat interface that allows veterans and their families immediate access to expert knowledge. Veterans who are interested in the government guaranteed home loan program can now receive instant answers to any questions they may have. ...
Read more...Hefty payments to reach military foreclosure victims
So far, several hundred military members who lost homes to illegal foreclosure actions by big banks and mortgage servicers have received settlements of $116,785 apiece for economic loss and emotional distress. They also have been paid any equity lost plus interest. The number of hefty payments to military members and recently-separated veterans likely will swell to several thousand, predicts ...
Read more...VA Loan Application Redesign Set To Speed Up Approval Process
VA Home Loan Centers (VAHLC), a San Diego-based organization that specializes in VA Loans and helping veterans, active-duty military and their families with home ownership, has redesigned its online application process. (PRWeb May 22, 2012) Read the full story at http://www.prweb.com/releases/new-application/05/prweb9508336.htm
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Rebecca Tews sat at her kitchen table in North Aurora, Illinois, stared into her laptop and tried to find a place for her family to live.
Read more...Petraeus, Harris address woes of military homeowners
CA's attorney general and the wife of a famous general met with service members ro talk about the financial difficulties they face.
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The leading Republicans running for Nevada's newest congressional seat agreed more than they disagreed Tuesday evening during a 90-minute debate, with businessman Dan Schwartz emerging as the most moderate in a lineup of staunch conservatives. A newcomer
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One of the more confounding aspects of the U.S. housing crisis has been the reluctance of lenders to do more to assist troubled borrowers. After all, when homes go into foreclosure, banks lose money.
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