Short sale foreclosure involves two types of real estate techniques. The first involves real estate that has been repossessed by the mortgage lender. These properties are also referred to as bank owned or real estate owned (REO).
The second type of short sale foreclosure references property which is still in the borrower’s possession, but on the brink of foreclosure. Lenders agree to accept less than borrowers owe in exchange for quick sale of the real estate. Short sale options are typically offered after all other options to prevent foreclosure have been unsuccessful.
Currently, banks are holding a large number of non-performing loans; meaning borrowers are not making payments. Banks and mortgage lenders receive money from the Federal Treasury based on their performing loans. When they hold too many non-performing loans, the Feds can cease lending money until their bottom line improves.
By law, banks are limited on the number of REO properties they can own. As more Americans are served with foreclosure papers, many lenders have reached their limit. Short sale foreclosure allows lenders to liquidate a portion of their real estate holdings.
Short sales can remove a huge financial burden from borrowers who do not qualify for refinancing or loan modifications. The process takes between four and nine months to complete. Much depends on the caseload of the bank and if the borrower holds multiple mortgages.
The best short sale foreclosure is known as Payment in Full with Pursuit of Deficiency Judgment. Using this arrangement, the lender accepts the sale price as payment in full towards the mortgage note. The borrower is able to walk away from their property and be released from the mortgage debt.
The worst short sale foreclosure is known as Deficiency Judgment. Many banks hold borrowers accountable for any deficiency between the loan balance and sale price. This amount is usually several thousand dollars. When borrowers hold two or more mortgages, the deficiency amount can be staggering.
When mortgage lenders issue deficiency judgments, borrowers incur several financial consequences. Judgments remain on the borrower’s credit report until repaid in full. For most, this can take a lifetime to repay.
Deficiency judgments have far-reaching effects and prevent borrowers from obtaining credit for many years. Borrowers will have very little chance of qualifying for a mortgage loan while the judgment is in place.
Short sale foreclosure will impact borrowers’ credit rating. ‘Payment in Full’ short sales are the least detrimental. Although the black mark remains on credit reports for seven years, borrowers can apply for another mortgage loan within a few years.
Short sale foreclosures are complex and confusing. Borrowers should spend time learning about the different types of short sales, along with the pros and cons of each. Arm yourself with knowledge so you are better prepared to negotiate with your lender.
Simon Volkov is a private real estate investor and author of the “Short Sale Hardship Letter eBook Course“. He offers one-stop shopping for borrowers, lenders and investors by connecting buyers and sellers through his network of real estate professionals. Simon has negotiated hundreds of successful short sale transactions. If you need to sell your home fast to satisfy a short sale or are an investor looking for discounted real estate investments, stop by www.SimonVolkov.com.
If you get behind on your mortgage then you can go into foreclosure but it is important that you try to work out an arrangement with your lender. In many cases the lender will be more than willing to work with you because they do not want to own your house and try to sell it in this housing market. Basically the time line for a foreclosure is about 2 or 3 months if they do not hear anything from you then you will get a notice form the bank to appear in court. It is better to avoid this at all cost and call the bank to make arrangements to go and see them.
Working out the terms is better for you and the bank because when you go into foreclosure it becomes more difficult to work out terms. Also you have to remember that the bank does not want to take possession of your property. If they do this then they will have to sell it in a bad housing market and in most cases they have more houses than they can deal with already. It is important to also remember that after they have the hearing you will have about 20 days to vacate your house and then the bank will sell it at auction. You can avoid this from happening if you take action now.
Remember that for you to avoid a foreclosure you need to call the bank and work out terms before they send you a notice. Once you go to court you are going to have only about 20 days to get out of your house and by that time it is too late.
A bank short sale is an option offered by some mortgage lenders when a homeowner is facing foreclosure. Although the process requires considerable time and patience, this alternative gives borrowers the opportunity to be released from their mortgage loan and walk away from their property.
Lenders can enter into bank short sale agreements on all types of real estate. The most common include single family residences, commercial real estate and vacant land. Short sales are usually reserved for borrowers who do not qualify for refinancing or obtaining a loan modification.
Short selling is exactly what it sounds like. Real estate is sold ‘short’ of what is owed on the mortgage note. Banks will agree to accept less as long as the borrower is able to locate a qualified buyer within a short period of time.
Short sales are usually managed by the lender’s loss mitigation department. Once borrowers become 31 days delinquent on their payments, their account is turned over to a loss mitigator. This individual is responsible for mediating between the borrower and lender. The goal is to arrive at a mutually-beneficial agreement.
Not all mortgage lenders participate in short sale transactions. Those that do, require borrowers to adhere to strict guidelines and deadlines. One missed deadline or improperly filed document can result with the lender commencing in foreclosure action.
Bank short sale properties are usually listed through licensed realtors. Under certain circumstances, lenders may allow a home to be placed on the market as “For Sale by Owner”. When listing real estate through a realtor it is a good idea to work with an agent with experience in short sales.
If you are like most people, you probably wonder why a bank would agree to accept less than is owed. The primary reason is that foreclosures are costly and time-consuming. Foreclosing on a single property can cost the bank between $60,000 and $80,000. The process can take up to 18 months to complete.
With short sales, the process takes four to six months and there are no costly legal expenses. The lender agrees to accept a lesser amount in order to expedite the sale and recover the majority of their investment.
A bank short sale can be a saving grace for individuals facing foreclosure. Although the borrower is unable to continue living in their home, a short sale is less detrimental to their credit than foreclosure.
One extremely important issue to address is to determine the type of short sale your lender offers. Two types exist – Deficiency Judgment and Payment in Full without Pursuit of Deficiency Judgment. The first can ruin your life for decades, while the latter can remove an enormous financial burden.
Lenders who issue deficiency judgments persue the borrower for the difference between the short sale price and loan balance. If you owe $180,000 on your mortgage and the property sells for $140,000, the bank issues a judgment in the amount of $40,000.
Most people facing foreclosure don’t have $40,000 lying around. Having a judgment attached to your credit can have widespread effects. If you are fortunate enough to obtain any type of credit, chances are you will pay a high interest rate. Insurance carriers can increase premiums. The judgment can even affect employment opportunities.
Payment in full without pursuit of deficiency judgment will affect your credit score. However, it takes considerably less time to recover from the financial fallout. Borrowers able to get back on track financially can apply for another mortgage loan within two years.
It is wise to become educated about bank short sales and understand the pros and cons. Talk with your lender to see what options are available. When properly constructed, short sales can be beneficial to all parties involved.
Real estate investor and author, Simon Volkov, specializes in buying and selling bank short sale real estate. If you need to sell your home quickly or an investor looking for exceptional deals, visit www.SimonVolkov.com today.
Great. it is a great time to purchase real estate and I recommend every person that have been waiting for a great time to invest in real estate to buy.
We hear about it in the news and from people we know and its all true, it is the best time to buy homes that are for sale either through short sale, foreclosures and other sales.
Why should you buy from a seller when you can buy a foreclosure?
Most sellers are in pressure these days and they’re willing to negotiate to a much lower price than the actual asking price. The sellers that will negotiate with you the most are the people with the equity. So if you know of someone that he’s under some pressure, but he have $150,000 equity in his home and he can’t refinance, offer him some money and test the water. If this seller needs money he will take almost every offer you will give him because he cant refinance, he doesn’t want to loose his house because of the equity and it will be hard for him to sell because most of us these days are buying foreclosures and short sale homes.
Why banks willing to short sale homes?
Foreclosure process is very expensive for banks. While they understand that they’ve already lost money on this particular property, they’re not interested in loosing even more so they short sale the home. They basically negotiate with a buyer a good deal so he will be happy, but at the same time he will cover most of the costs and the expected lost that they would have from a foreclosure process. Short sale can be a great deal for someone, but it may take up to 4 months worth of negotiations and it might not going to happen after all.
Every real estate agent can help you with short sales?
No. most real estate agents are trying to avoid short sale because of the time that it takes to close the deal, also because most of the times the deal will not go through so they’ve spend time without making any money. There are small percentage of real estate agents that are specialise in short sales, reo’s and foreclosures, these are the agents you would want to contact for help.
These real estate agents have been doing short sales, reo’s and foreclosures for many years and some for the past year only, but they have the experience negotiating and closing deals.
In this market you don’t want to waste any time. You have to educate your self as much as you can and get things done in the right way. We all got into bad mortgages and wrong investing decisions, but we have to learn from the mistakes and take what we’ve learned and put it into action now.
Yanni Raz is a mentor for many in the Real Estate Mortgage industry, Yanni Raz is been tutoring many homeowners in California and help some also to save their homes. http://www.homesinsale.com
As the global economy melts under the heat of a worldwide financial upheaval, Americans are fighting to maintain their financial status too. Most people are thinking about ways to deal with the sudden and daunting changes in their lives. As the rate of unemployment and industrial slowdown goes up, it’s becoming harder than ever for people to maintain a sound financial position.
Many of them are failing to arrange the funds to pay the bills, insurance premiums and make mortgage payments. If you are worried about a possible foreclosure, it is important to know what it’s all about, especially the steps involved in foreclosure.
if you are facing foreclosure, you have probably not made one or more of the mortgage payments. That’s a common reason why many people get under the foreclosure net. While some may not be able to make mortgage payments due to illness, family problems and job loss, others are missing payments in response to the resetting of adjustable rate mortgages.
Step #2: Notice of Default
when you fail to make mortgage payments, the lender sends the Notice of Default. It is their way of reminding debtors that they are missing out on payments, starting a legal process. The Notice of Default stage is the right time to try and avoid protection foreclosure. In other words, there’s still time to repair the damage.
Step #3: Clear the Debt
depending on the sate where you reside, you may have about 45-180 days to clear your debt. This can be done in several ways. You can sell the house, renegotiate the terms of loan, make the debt payment or turn over the house to the bank.
Step #4: Foreclosure
always remember that foreclosure is the legal process wherein the bank takes formal possession of your house. Before anything gets resolved, specific action is required from your side. In simple terms, there are specific steps that need to be taken by you before the home is taken by the bank under legal foreclosure.
If you cannot get rid of the debt through your own resources or the bank’s help, you can explore options like a short sale, selling the house, or a Deed in Lieu of Foreclosure. Only when these alternatives have been explored will the bank initiate the foreclosure. Sometimes you can fight the foreclosure and seek legal remedy.
Step #5: Sheriff’s Sale
once the foreclosure of your home takes place; it is sold at a Sheriff’s Sale. In this process, anyone can bid on the house but it is common for the bank to buy the house for $1 over the deficiency.
Step #6: Redemption Period
the redemption period gives you a final opportunity to claim your house back from the foreclosure. To do so, you must come up with the money to pay off the amount for which the house was sold at the Sheriff’s Sale. A short period of time is given for the same after the sale of the house.
Mike Greaves is a self-made entrepreneur, a well known travel consultant and internet marketer. Over the years he has traveled across the world and has numerous writings credited to his name in many renowned publications. His areas of writing include travel experiences including reviews of world best hotels and he has also gained expertise in areas of legal foreclosure, how avoid foreclosure and subprime foreclosure.
We have all heard the saying, “You get what you pay for.” So what do you get if you pay nothing?
In today’s troubled economy more and more people are feeling the financial pressures of paying the monthly bills. The mortgage crisis has affected an amazing percentage of American homeowners. Sub-prime lending and Adjustable Rate Mortgages (ARM) are the main culprits. Unfortunately, these “no proof of income” and ARM loans are beginning to catch up with those who did not have the fundamentals of these loans properly explained upon their originations.
Loan Modification is a rapidly growing solution for those with mortgage payments which are too large to fit comfortably into the monthly budgets. There are numerous ways to address the process of a Loan Modification. One of these is to attempt it on your own forgoing assistance from a professional company specializing in all forms of Loan Modification. To do this, millions of Americans have gone to government subsidized sites such as hopenow.com.
President Obama’s Plan, which includes more than $70 billion dollars of financial assistance through a Government Loan Modification Program, gives financially strained homeowners some much needed hope. However, there is a good possibility that the families who need this help the most will not be able to use HopeNow’s services to complete their modification. A recent Ezine article by Alfred Sant illustrates this:
“Because of the numerous and strict requirements enacted, plus the intense analysis involved, most of these needy families will be unable to meet the criteria for help. Since there is so much red tape involved with the Government Loan Modification Program, only a small percentage of the homeowners affected by possible foreclosure will get any assistance from this Loan Modification Program. Banks and lenders are not required to work with homeowners, since the Government Loan Modification Program is voluntary. However, depending on each case, if it is financially lucrative for the banks or lenders, then the homeowners have some hope of getting assistance. After forms are completed, documents and paperwork processed and all questions answered in great detail, the banks will make a determination as to which borrowers provide the greatest reward and least risk to them financially.”
The fact is HopeNow has come up short (to say the least) in performing long term modifications for Americans who are no longer able to keep up with their monthly mortgage payments. Don’t listen to me. Do the research on line and see for yourself.
“One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure. In its first seven months, HOPE for Homeowners helped one family stay in its home.”
-CNNMoney.com May 21st, 2009
HopeNow promotes itself as providing a place where distressed homeowners can attain a loan modification for free. The issue then becomes who is helping you on the other end of the phone when you call for help. What level of vested interest does this not-for-profit individual have in improving your financial situation by adjusting your mortgage rate/payment to a more manageable level? What are they getting out of it?
“Hope Now, the coalition of regulators, servicers, lenders, and community advocates helping sub prime borrowers, is being criticized as ineffective and too narrowly focused. Even its own members are piling on. Sources associated with Hope Now, most of whom spoke on condition of anonymity, tick off a list of problems: infighting among members, inflated loan modification statistics, and empty public relations moves. “Hope Now is nothing,” said a representative of a Hope Now member. “It’s hard for it to do anything. It has no authority over investors or even its own members. And, surprise, people have different ideas about the best way to proceed.”
-American Banker; February 2008
If the above wasn’t disturbing enough The Mortgage Insider states in a December 2008 article:
“According to a study published yesterday by the OCC, defaulting mortgages lucky enough to get modified are going back into default within six months 53 percent of the time. This is a shocking statistic to me as well as to the Comptroller of the Currency, John C. Dugan. Mr. Dugan in the press release said, “After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due. After six months, the rate was nearly 53 percent, and after eight months, 58 percent,” the Comptroller said in remarks at the Office of Thrift Supervision’s National Housing Forum today.” How can folks be so cavalier with their “second chance”? Mr. Dugan speculated, “Is it because the modifications did not reduce monthly payments enough to be truly affordable to the borrowers? Is it because consumers replaced lower mortgage payments with increased credit card debt? Is it because the mortgages were so badly underwritten that the borrowers simply could not afford them, even with reduced monthly payments? Or is it a combination of these and other factors?”
In short, you get what you pay for. Free is not always free. This trend of re-default is not due to the loan modification industry itself, it is due to incorrectly performed loan modification by individuals lacking the necessary knowledge and resources. One would be wise to consider hiring a professional to negotiate the terms of a note held on the single largest asset they have.
We all choose to hire people, based on their expertise, to take care of those things in our life which we’re unable to do ourselves. This may be due to lack of knowledge, time or patience. Whatever the reason we trust these individuals will, in a professional manner, give us the service for which we pay. That’s WHY we pay for them. Would you opt for a free child care service or pay for a license facility to watch your children while you’re working? Do we choose the free medical clinic if we are able to go to our family doctor instead? Do we opt for the “discounted” meat or do we pay for the fresh stuff?
If, after considering all this, you still feel you want to tackle a loan modification on your own; be sure to avoid the following common mistakes. Many before you have tried and inadvertently fallen into one of these pitfalls. Unfortunately, for many of them, by the time they realized their error(s) their home is too far into foreclosure.
MISTAKE #1: Applying with your lender prior to knowing the way the entire system works and being unaware of lenders requirements in order to approve your application.
MISTAKE #2: Paying huge sums of money as upfront charges to a loan modification company before establishing its credentials and loss mitigation expertise. Many home loan owners have surrendered thousands of dollars without positive returns, instead of starting with their own do it yourself loan modification application process.
MISTAKE #3: Time is of essence. Do not end up wasting it by speaking to employees who under the pretext of assisting you end up extracting last dimes from your pockets. They actually belong to collections department and will probably never help you in providing an actual loan workout. You need to know the right contact person in order to derive the desired results.
MISTAKE #4: Unconvincingly written hardship letters will not help your cause. The description should be compelling in order for the lender to empathize with your situation. It is imperative to understand that if you do not convince your bank that you deserve a Loan workout plan due to circumstances which are beyond your personal control, your chances of approval are very minimal.
MISTAKE #5: Error of Omission – Incomplete information or omitting relevant fields on your application form can be the most common reason for the delay and in some cases even rejection of your proposal. Are you aware that your local bank shall verify all the information provided by you? It is a full disclosure procedure, in which, delays can be avoided by disclosing all your income and debts in totality. There is a method available to ensure that you do not leave or miss anything on your proposal.
MISTAKE #6: Submitting a Loan Workout proposal which does not meet the criteria or requirements set forth by your lender. Each lender has their own criteria that must be met. When your forms do not conform to set criteria of the banks, then in all probability your proposal will be declined. Ensure that you know your banks lending guidelines and then complete your loan modification forms. Are you aware of method to gauge your target mortgage payment so it is within your budget and also confirming to lenders guidelines for approval?
MISTAKE #7: Not providing your lender with the entire loan modification package that includes all forms and documents needed for their review. Remember, your lender has thousands of borrowers like you who need similar assistance.
MISTAKE #8: Not being persistent in communicating with your lender can allow for your case to fall through the cracks and remain un-resolved. You must ensure you are in constant communication with your lender to ensure you get a speedy resolution to your application. Do know what happens to the package when items are missing or incomplete and cannot be further processed? It is brushed aside and relegated to the bottom of the pile which effectively barriers your chance for a possible loan workout program.
-Jonathan Gillham ezinearticles.com
Nathan Jeffcoat is a novice writer who enjoys long walks on the beach and current events. His views, although always correct, are not necessarily the views of this website or any of its affiliates. http://www.pmcloanmodification.com
First check and see what the other home’s in the area are selling for, what is the climate of the neighborhood and is the area located in a flood plan. After you have found a home that is selling for a great deal below the average cost in that area STOP!
Smell the roses and look for the thorns, get involved with a real estate agent if you are new in the business of real estate investments. Wrong decisions here can mean your first investment will be your last investment. Consult with a professional real estate agent that specializes in buying homes in this market area, better yet, one that specializes in foreclosure investment properties.
Next, contact a licensed real estate inspector who has extensive experience with foreclosed or reposed property inspections. Compare their qualifications, but also their quality of home inspection reports. The inspection report is only as good as the paper it is presented on. Trash in equal’s trash out, a poorly written inspection report will not benefit you in making the final purchase decision.
Have the home inspected, asks the inspector; if they were you, would they buy the home for investment purposes. If they are hesitant to answer that question, you may have hired the wrong inspector. OK, ask them that question before you hire them. They should be more than willing to give you an honest answer at the conclusion of the inspection process. Most professional real estate inspectors will give you a rough estimate of the cost of needed repairs.
Most of the homes that are foreclosed have been legally reposed by the lean holder, they are normally eager to sell the property, but not always eager to have the property inspected. Most often the utilities are disconnected to these properties get involved with your real estate agent to negotiate with the lean home to have the utilities turned on and schedule your inspections accordingly.
The house is generally sold at 20-35% discounted rate of the market value. Therefore the investor can purchase the house, repair it and resell it to make a huge profit. Take the selling price, add in the estimated cost of repairs and determine if this is a profitable investment for you. Be careful on you first couple investment properties that you do not get in over your head and purchase a home that requires extensive or timely repairs. Always be aware of homes that have significant damage to the roof, foundation, electrical systems or homes with excessive termite or water damage.
Buying a foreclosure can ensure a lot of money in just a short amount of time. It is definitely a good investment to make and especially when the market for distressed homes is continuously growing.
However, once you have bought the house, you should repair it and refurbish it so that you can put it back in the market at its after repaired cost. This will give you a huge profit margin. But to get that profit margin you must make sure that the debt’s are not very close to the market value of the house. If it is, it will be best if you move on to another property in the hopes of buying it.
This article contains information about buying bank foreclosed properties for investment purposes. Do you homework, hire a team of professionals who specialize in foreclosed properties and by all means have the property inspected by a professional real estate inspector.
Prevent foreclosure is currently a hot topic. Millions of borrowers are struggling to make their mortgage payment. With rapidly declining housing prices, many owe more than their property is worth. The credit crisis has left debtors unable refinance their loan; leaving homeowners with few options to save their home.
It is important to do everything possible to prevent foreclosure. First and foremost, foreclosure exposes people to the very real possibility of homelessness. No one wants to live in a shelter, their car, or on the streets. Programs exist to help people in financial crisis.
If you are facing foreclosure and fearful you will end up being homeless, now is the time to seek out assistance programs in your area. These programs take time to implement and can take weeks to receive financial aid.
Those fortunate enough to have some money stashed away should contact their lender and inquire about obtaining a loan modification. When borrowers become delinquent with their payment by 31 days, banks often turn their account over to their loss mitigation department.
This department is comprised of loss mitigators whose primary function is to help distressed homeowners prevent foreclosure. The first option is usually a loan modification. When a mortgage loan is modified the terms are permanently altered. If the borrower is unable to adhere to the modification, the lender can commence with foreclosure action.
Each mortgage lender handles delinquent accounts according to their established protocol. Some lenders require borrowers to cure mortgage arrearages prior to modifying the loan. Others require a partial payment toward delinquent amounts. A few lenders will roll the delinquent amount to the end of the mortgage note and extend repayment terms.
When borrowers do not qualify for a loan modification, banks will sometimes allow them to enter into a short sale agreement. With short sales, lenders accept less than is owed on the home loan in exchange for quickly selling the property.
Short selling a home will prevent foreclosure as long as the borrower is able to locate a qualified buyer. Most short sale homes must be sold through a realtor. When possible, it is best to work with realtors who possess experience with the short sale process.
Obtaining short sale approval is a long and complicated process. Borrowers are required to submit substantial documentation proving financial distress. Lenders incur a loss on properties sold through short sales and borrowers must prove they do not posses any assets which could be used to repay the mortgage note.
Obtaining short sale approval is a long and complicated process. Homeowners must provide substantial documentation to prove financial distress. Since lenders incur a loss on short sale properties, borrowers must prove financial distress in order to obtain approval.
One little known secret to selling short sale homes quickly is to locate private real estate investors. Many investors seek out preforeclosure homes because they can be purchased below market value and are generally good investments.
It is a smart idea to work with investors who specialize in short sales. At present, banks accept about one of every ten short sale requests. Borrowers can improve their chance of success by working with experienced professionals who understand the intricacies of the short sale process.
Although your situation may seem hopeless, there is always a solution to every problem. If you need help obtaining short sale approval contact your lender or locate a short sale specialist today. Procrastinating will only make matters worse and eventually lead to foreclosure.
Simon Volkov is a highly respected professional who specializes in helping homeowners prevent foreclosure. Simon has engaged in hundreds of successful short sale transactions. If you need assistance selling your home to satisfy a short sale agreement, visit www.SimonVolkov.com today.
My personal favorite place to get cash for real estate deals is a through a hard money lender. For those of you who don’t know what a hard money lender is, let me explain. Pay close attention to details, because there are only a few sources for hard money loans available today.
A hard money real estate lender is a certain type of lender that loans on the future equity of the house after repaired value. Unlike conventional lenders, these lenders don’t care about what the house is worth at the present time. They don’t even want to know; all they care about is what the house is going to be worth after it is fixed up and ready to sell.
Take a look at some important facts on how hard moneylenders work:
1. They loan on future equity, not what the house is worth.
2. They can close in as little as two weeks.
3. You will not go through nearly as much red tape than if you went through a conventional lender.
4. They give you the money to fix it up in a draw-type system. (If you don’t know what that is, just follow the example below; it will explain everything to you.)
5. Hard money loans are short-term loans; generally 3-6 months.
6. They generally loan as much as 65% of after repaired value. For example, if you found a house for sale for $20,000 in as-is condition and it would be worth $60,000 after repairs, the hard money lender would loan you as much as $39,000, which would leave you with almost twenty thousand dollars to hire someone you’ve found to help bring the house into a livable condition.
7. Hard moneylenders usually do not require a down payment. You heard me right—no money down. A conventional lender almost always requires at least 20% down with good credit for an investor property. However, depending on how bad your credit is, you may have to pay a small fee, but some hard moneylenders can even finance that fee directly into your loan; you just need to ask them about that.
8. And last but definitely not least—they will give you money even if you have bad credit, no pay stubs or no tax returns. This really opens doors for most entrepreneurs. Let’s face it—all of us who’ve ventured out on our own to start our own businesses probably have some bad credit from past bad opportunities, and some pretty pitiful tax returns that a conventional lender would laugh at. So these hard money loans are a second chance for us to make some serious money in real estate. By the way, I can get a conventional mortgage now anyway, but I personally still use hard money loans because what they offer surpasses any conventional loan program I’ve ever heard of.
Find the deals, get approved and make some huge paychecks.