Private financing - Loan Modification Forum

smitheroosky · 07-12-2009, 05:52 AM

I'm about to go through with a short sale and a friend mentioned that private financing might be an option to where I can buy a house again at a higher rate and then re-finance into a more traditional mortgage once my two year run on the black-list is over. I'm a little leery of the concept since I don't know much about it, and the only person I have managed to talk to about the subject stated that this was more for fast investment turnarounds with rates in the range of 16%, so that obviously won't work. I'm not sure if this is the case for all private lending situations, so does anybody have any information on whether this might be a viable option or any places where I might be able to obtain more information? Thanks, and have a good one.

Dave

bkause · 08-12-2009, 08:29 PM

Did you stay current on your home? If you did you could buy as soon as the short sale is up. Work with a local mortgage broker.

07-12-2009, 05:52 AM	#1 (permalink)
smitheroosky Member Join Date: Jul 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Private financing I'm about to go through with a short sale and a friend mentioned that private financing might be an option to where I can buy a house again at a higher rate and then re-finance into a more traditional mortgage once my two year run on the black-list is over. I'm a little leery of the concept since I don't know much about it, and the only person I have managed to talk to about the subject stated that this was more for fast investment turnarounds with rates in the range of 16%, so that obviously won't work. I'm not sure if this is the case for all private lending situations, so does anybody have any information on whether this might be a viable option or any places where I might be able to obtain more information? Thanks, and have a good one. Dave
smitheroosky is offline

08-12-2009, 08:29 PM	#2 (permalink)
bkause Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Private financing Did you stay current on your home? If you did you could buy as soon as the short sale is up. Work with a local mortgage broker.
bkause is offline

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