Need Reputable Hard Money By Nov 2010: Need $15,000 for WF Home Payoff

[talkin56]

I am a newbie looking for some help from all you knowledgable folks on this forum. I had a 15 yr mtg with First Union, had to travel extensively and although I could have paid what I owed Wachovia refused the pmt and put me in forbearance agreement. I satisfied forbearence. I was excited that my mortgage was going to be over with Nov 2010 pmt. I ordered a payoff quote in Apr of this year and it said at in addition to the remaining payments I would have to pay $15,000 because of the way the pmts were applied to them ortgage when I was late and becuse of the initial 5 yrs I deferred the Nov and Dec payments like a dummy to the end of the mortgage. My attorney and a local accountant he recommeded have taken their time but checked this out..it is legitimate debt.

 

My husband is a diabetic has one leg, recent open heart surgery and is almost blind and in a hospital bed in the living room. I do not think I can count on his life insurance as his conditon fluctuates. I do not even want to think like that. I am a therapist and have a secure wonderful job and earn around $80,000, but no kids and nothing except the usual deductions. I do not use any medication and do not drink. I pay my utilities, tv, home owners, computer cable and my one open account which is a truck pmt to Citifinancial and it is almost pd to $2,000 when it started at $12,000. My bankruptcy is in its 9th yr on my credit report and there is one charged off account and some small medical bills. Rating 534

 

I have one neighbor but I cannot bet on him to loan me the money although he has done so uneventfully in the past at 10% interest . I need a hard money lender for this loan if you know of someone please advise as there is no time to clean up my credit score yet online I did dispute the bkrpt status of the mortgage and several other incorrect with a dispute completion date of Sep 10 on the Equifax site. Has anyone out there ever used an online hard money lender ? ANy Ideas..I do not want to be homeless after paying 125,000 when I need just 15,000 to pay it off.. which I could pay back in a year with interest.

Thanks !

[talkin56]

It's me answering my own post since the 59 people who have viewed it thus far have no comment. Perhaps it is unclear that I will lose my home over not having a source for $15,000 by November. I just wanted to add one question: Do any of you or your friends know if Lender Finders is legitimate ? They have the Better Business Bureau symbol on their internet ad. They say they have 7 loan sources for me and if I use them the membership is free. But right now just to see the details membership is $59.00. I put it in Google search and found nothing but 14 pgs of links to the ad. I put it in CB search and got no result. Anyone familiar with this source ?

 

Thanks,

 

talkin56

Green Mtn, NC

[jazzpetals]

Not sure about lenderfindrs. Have you tried any P2P sites such as prosper.com?

[talkin56]

Jazzpetals,

 

Thanks so much for the idea of a P2P. I applied on prosper.com and although they require Experian 640 for new loans and 600 if you have gotten a loan from them before I think the site is facinating. If I get a lender for the 15,000 (I have two friends I have not approached ) I will become a lender on this site. If anyone out there is interested the tutorials on the site are very appealing. I will google some more on a person to person..yet with 534 Equifax I think it will be hard. In the next two days I will approach my friends to hold a note at their desired % rate with two lots I own free and clear as collateral. I would hate to lose my mortgage 75,000 which I have already paid 125,000 on because I cant come up with 15,000 for fees, fines and ins at the end of the loan. Thanks and if you have any other ideas throw them my way. Signed up for a Philip Tirone webinar through Prosper..on how to clean up the ol credit..so my affiliation with CB is paying off...but still need that pesky loan of be free of Wells Fargo..

 

Thanks Again,

 

Marie

[breeze]

we have a separate forum about P2P lending. http://creditboards.com/forums/index.php?showforum=64

[jazzpetals]

Your welcome Talkin, hope all works out for y'all.

[talkin56]

Now for an Update: Well, I approached my neighbor who has a qtr of a million in a local bank and he said I should go to his bank because it is less federally regulated. I went, told the VP who handles EVERYTHING in the bank that I had a 534 Exp score and that I wanted to apply for a loan. He let me fill out an application at home, return it and then sent me the loan packet. I was excited and signed the 5% loan for 15,000+ dollars over 6 yrs with no early payoff penalty and returned it. He called today and said that was a truth in lending document and that I did not get the loan. SO it is back to my neighbor. People to people sites still want a credit score in the 600s > So if you have a friend with money and cant get your credit cleaned up fast enough to save your house at the end of your loan..hang onto them..I am as it is my last hope.

 

Thank you so much for the encouragement . I renegotiate with my neighbor tomorrow on a P2P loan at a much higher interest rate.

 

Wish me luck !

 

PS. I have now got the Philip Tirone 7 Steps to 720 credit score course and it looks like many of the ideas on here. It is easy to understand with templates of letters, budgeting guide and how to pay your bills with credit cards each month and pay them off promptly...nothing really new but good packaging, emails and phone counselors so it make it all less painful.

[jazzpetals]

I'm sorry your experiencing all these problems. I hope your friend comes through for you.

[talkin56]

Well I am almost there with the friend loaning me $12,000 @ 20% with my choice of length of loan and a budget to save $4,000 by November when my mortgage is over and the $15,000+ has to be paid to not go into foreclosure. I also applied to American General but the "Credit Pulls" section on this site does not give me much hope. I am enjoying the 7 steps to 720 but will have to delay getting the 3 cards (Secured Orchard MC, Secured Orchard Visa and Secured Public Savings Bank is what the program recommends) and keeping them down to 30% utilization because I have to save the money for the mortgage payoff right now. I cant wait to get my credit improved after this nightmare of me, my bedridden husband, our 4 dogs and 2 cats headed for foreclosure at Chistmas. If it weren't for my neighbor losing my home would be our reality. I am thankful for the support on this site.

 

Every night I read the success stories and it help me have hope for my "punch list"

1. Pay off this house

2. Pay off the neighbor/ start secured cards/ use templates in pgm for removal of baddies

3. Improve credit score

 

* Too bad my neighbor cant report to the credit bureau..wonder how one gets that priviledge ?

[talkin56]

UPDATE: My house is now paid for and I am paying my neighbor. Santander took my account for my truck over from Citifinancial and it is paid for. My credit rating is 609 on Equifax as they have me down for 4 installment loans all for the same loan, 2 citifinancial closed some slow pmts, and 2 santander loans open paid as arranged. I am going to use this bump to try to get a regular credit card to take a vacation in a few weeks. Just to have the card for emergencies if needed, then to use it @ 30% and payoff each month to build back my credit. My husband will not get dialysis and his kidneys are beginning to fail and he has not seen his family in 15 yrs due to his former farming, our "family" of dogs and his health. Will this mistake work for me in getting a card ? We shall see...Now to research the recent card approvals with a 609.

 

Marie