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where can I get a loan to redeem a house in foreclosure?
I only have 20 days to work with.
2 Answers
- SusanLv 42 decades agoFavorite Answer
If you can't get funds from a bank, you might consider going into a partnership with a real estate investor. Have the redeem the loan for a certain percentage of the equity in the house. Agree to either sell or refinance the house within a specified number of years.
You will be giving up a chunck . . . however, you will not lose your home, you will NOT have a foreclosure on your credit report which will cost you in high or denied interest rates for many years, and within a couple years, if you keep your credit in spotless shape, you should be able to refinance and get back on track.
Source(s): I have been an active real estate investor since 1984 and now focus soley on pre-foreclosures. - JimmyLv 52 decades ago
Try a local lender where you have a relationship. Local banks are excellent and they often keep there loan inhouse. See if the present lender can postpone the sale if you have securted a credit line from a bank. 20 day's is short.
Borrow the funds with private sources.
