Posted on: 12th Jul, 2010 10:04 pm
my wife and i have a 1,150 sq.ft. redwood/cedar home on maui, on 1.16 acres of beautiful tropical land.
we both have excellent credit scores, over 800. the property just appraised for $460,000, a month ago. we have been waiting for a buyer who has questionable credit for over half a year now. last week he failed in his third attempt to get a loan. we waited too long and now want to buy ourselves another year or two to sell in an improving market.
we own another home and 2.5 acres, with a first mortgage and thus do not have the income to get a conventional refinance for our second property. we have rental income and a reserve of $20,000. we are looking for a private lender to purchase the $230,000 first mortgage from the family who owner financed us 7 years ago. no other leans on the property.
we both have excellent credit scores, over 800. the property just appraised for $460,000, a month ago. we have been waiting for a buyer who has questionable credit for over half a year now. last week he failed in his third attempt to get a loan. we waited too long and now want to buy ourselves another year or two to sell in an improving market.
we own another home and 2.5 acres, with a first mortgage and thus do not have the income to get a conventional refinance for our second property. we have rental income and a reserve of $20,000. we are looking for a private lender to purchase the $230,000 first mortgage from the family who owner financed us 7 years ago. no other leans on the property.
Hi essess,
I won't be able to let you know about the private lenders who may help you by buying your first mortgage. You can contact the local lenders who offer personal property loans and try to get a mortgage from them. You may even contact your friends and relatives who may help you find private lenders who can buy your loan.
Thanks,
Jerry
I won't be able to let you know about the private lenders who may help you by buying your first mortgage. You can contact the local lenders who offer personal property loans and try to get a mortgage from them. You may even contact your friends and relatives who may help you find private lenders who can buy your loan.
Thanks,
Jerry