I need a private lender so I don’t loose my home.?

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I have a mortgage on $ 95k @ 10.99%, my second mortgage is on $ 25K @ 12.99%. my payments are over $ 1,200 per month. I only earn about $ 1500 a month. I care for my handicapped mother. I am not lieing!! If I could find someone to do like a land contract on my property or something I can get myself out of this rut. I do not want a hand out.

I just need someone to help me out. I am willing to sign over property, in lieu of cash to pay off mortgage, which in turn I will pay interest on $ loaned. I need about 2 or 3 years to clear up my credit so I can get a mortgage at decent interest rate.

Please help,

  1. Reply
    April 30, 2011 at 1:19 am

    did we over extend ourselves? Did we make poor choices when taking out our home loan? Did you really think interest rates would never go up?
    SELL and buy a home you can afford!

  2. Reply
    David H
    April 30, 2011 at 1:40 am

    The only way to fix your problem is to sell to a house buyer. They will let you pay rent to stay in your home than sell it back to you at market value when you’ve fixed your credit. But only if there is potential marketable value to your home.

    And a private lender will end up costing you more. Ck into FHA

  3. Reply
    April 30, 2011 at 2:32 am

    if you can’t pay your payments now , how are you going to on a new loan
    your property already has two liens on it now so you can’t sign anything over until those liens are cleared

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