Foreclosure in Parkway>Question Details

Tricia Hawley, Other/Just Looking in Sacramento, CA

I need a hard money lender in sacramento. I have more than 150,000 equity in my home and need to borrow about

Asked by Tricia Hawley, Sacramento, CA Wed Dec 5, 2007

30,000 for upgrades and to stop forclosure. Any recomendations?

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Answers

27
Just refinanced two houses in Antelope with Lending Home Funding Corp.
1-855 408-7694
3 votes Thank Flag Link Wed Jun 11, 2014
Hard money rates start at about 10.5%. They go up from there. Because they are so high to start with it is easy to get them to agree to a fixed rate.

On top of the rate you will have to pay loan fees, points and closing costs for a hard money loan.
If you have already tried conventional financing and forbearance as per Erins suggestions and if the lender(s) said no, Then Hard Money might be a "last ditch" solution.

Having disclosed some of the negatives, . I'd like to point out why some go ahead with hard money anyway.

1. Hard money lenders consider collateral to be more important in their lending decision than your capacity (proof of income) or character ( blemishes on your credit report) Hard Money lenders were the original subprime lenders, but at least they (mostly) disclosed the high interest cost upfront.

2, Hard money lenders can close quickly and get your money to you within days.

3. Your equity in your home is your chief qualification. The hard money lender will require a new or recent appraisal in most cases. Inflated equity valuation from the past does not mean Bo Diddly Squat. If your $150,000 equity is the equity you had in your property a years ago , it is equity no more.

So here is a possible scenario:

You believe you have $150,000 equity because your home was appraised at $315,000 when you refinanced a year ago, Another house on your block sold for $307,000 this summer (it had an extra 400 sq foot separate workshop on the lot)

You owe $165,000 plus late fees and past dues to the mortgage company. Because the RE market has been plummeting all year your house is only worth $250,000. ( There is a house on your block for sale at 242,500 and a smaller one at $219,900 (A bank repo) - .... You have lost almost half your equity.
Your current loan to value is about 66%. based on a $165,000 balance.

In order to clear the $30,000 that you need, you would probably need to borrow about $36,000 to pay loan fees and other fees related to obtaining the loan. That brings the debt load up over $200,000 which is 80% loan to value.

Most hard money lenders like to keep their loans below 75% loan to value.

That means you would have to find a loan broker who is willing to search for a hard to find loan for you.

The new combined loan to value (LTV) is at least 80%; your year old appraisal is kaput.. A new one has to be ordered. It is very possible that the value may come in at less than my theoretical $250,000.

Remember the repo on your block at $219,900 and the other house at $242,500?

I have a recommendation of an ethical, good loan officer , her name is Patsy Tyre, 1AR Financial, Inc.

I will ask her to call you, or you can email me for her number. .
3 votes Thank Flag Link Wed Dec 5, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Are these answers for real!? Trulia?
2 votes Thank Flag Link Mon Dec 10, 2007
Erin Stumpf, Real Estate Pro in Sacramento, CA
MVP'08
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Thanks Wayne. Sorry - it appears that Trulia deleted several spam and/or bogus answers to this question. Come on now - Jim Walker's answers are always right on! ;-)
Web Reference: http://www.erinattardi.com
1 vote Thank Flag Link Tue Dec 11, 2007
Erin Stumpf, Real Estate Pro in Sacramento, CA
MVP'08
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Do you have a short term need for immediate capital ?
L5 Investment is a relationship based private lender.

Residential 1-4 units
Small Multi-family
Non-owner occupied
Equity is the main consideration for the approval
Max LTV 65-70%
Interest only payments 6 months and extendable
Closing within 7-14 days
Points 3-4 points

http://www.L5invest.com
annie@L5invest.com
0 votes Thank Flag Link Wed Jun 11, 2014
Once you are in foreclosure I do not know of any conventional banks that will lend to that borrower. A private money lender, or hard money lender, will lend based on the equity. I would recommend a local lender that is still doing high Loan to Values like SacramentoPrivateLender.com
0 votes Thank Flag Link Tue May 13, 2014
ASAP HARD MONEY is a DIRECT LENDER for CALIFORNIA REAL ESTATE Loans from $10,000 to $1,000,000. Interest rates from 9 to 11%. Same day approvals, No appraisal required, No Prepayment Penalties.

I can supply Fast Funds for Real Estate, purchase, cash out refi', investment properties, multi family 1-4 units, light commercial, condos, rehab and construction projects. I will pay referral fees to licensed Agents or Brokers. Visit my web site for additional information at http://www.asaphardmoney
0 votes Thank Flag Link Tue Apr 24, 2012
Hi Tricia,

There are a lot of blanks to be filled in with your story, the best advice I can give is to sit down with a lender and see what solutions are available. If you are old enough you may want to check out a reverse mortgage option, it is not for everyone but another option to explore.

Hard money lenders tend to be a short term solution with high cost, so if your current income stream can't handle your current mortgage, it would be tough to handle a high interest loan, for example $150000 loan at 5% is a payment just over $800/mo where the same amount at 12% is over $1500/mo and that is a best case in terms of amortization (30yrs)

Good luck
0 votes Thank Flag Link Sat Mar 10, 2012
CAN YOU BELIEVE IT, HE IS A HONEST LOAN LENDER
MY NAME IS SANDRA WILLIAMS from CANADA,my family is very happy today ,
because i was able to get a reliable loan of $300 000usd from CATHEDRAL CHURCH OF SAINT MARK'S LOAN FUNDING FIRM .
i was in need of a loan and have been scam five times by online scammers , till a friend of mine directed me to
CATHEDRAL CHURCH OF SAINT MARK'S LOAN FUNDING FIRM, i then decided to seek for a loan from them, to my greatest surprise,
my loan was approved and granted without any form of credit check,no collateral,
no cosigner and with just 1.2% interest rate.
i will advise everyone out there that need a loan to contact them via this CATHEDRAL CHURCH OF SAINT MARK'S LOAN FUNDING FIRM
here is their email----[saintmarksloanfundingfirm@gmail.com] and help me to thank REV JOHNSON RAWSTHORNE,C.E.O of the SAINT MARK'S loan firm.
He is a GOD SENT
0 votes Thank Flag Link Sat Mar 10, 2012
SANDRA WILLIAMS, my name is Pamela C can
you contact me with more
info through this ad,
I would like to know if these people would help me. Thanks
Flag Sun Oct 7, 2012
I think we can help you !!! We are a "HARD MONEY LENDER IN NORTHERN CALIFORNIA " and we will do owner occupied 1st and 2nd's assuming you have anough equity.The industry standard is 70% loan to value if your loan to value is over that you might have a hard time finding someone to help you.I have been in the business 23 years and know everyone and anyone in the business and their lending parameters.I d you need to reach me over the weekend to discuss this you can call me at (310) 984-046 if it is not that important you can use the toll free number on my website.Good luck in your quest to find a lender.

Regards,
Jeffrey Martino Young
(310) 984-0496
0 votes Thank Flag Link Sat Oct 9, 2010
I think we can help you !!! We are a "HARD MONEY LENDER IN NORTHERN CALIFORNIA " and we will do owner occupied 1st and 2nd's assuming you have anough equity.The industry standard is 70% loan to value if your loan to value is over that you might have a hard time finding someone to help you.I have been in the business 23 years and know everyone and anyone in the business and their lending parameters.I d you need to reach me over the weekend to discuss this you can call me at (310) 984-046 if it is not that important you can use the toll free number on my website.Good luck in your quest to find a lender.

Regards,
Jeffrey Martino Young
(310) 984-0496
0 votes Thank Flag Link Sat Oct 9, 2010
Good Day

I am Mr. Larry Morrison, We offer Loan to individual person(s), Firms and

cooperate bodies at 0.2% interest rate. The Minimum amount you can

borrow is $5,000 USD to $300,000 USD ,pounds and EUROS.
You can contact me via E-mail larrymonloanfirm@gmail.com with Your
Name:,Loan Amount:,Loan Duration:,Phone Number: for more Info.
0 votes Thank Flag Link Sat Oct 9, 2010
We can help you! We are a hard money lender in Sacramento. We make loans all the time to help people in foreclosure. Check out http://www.socotracapital.com or call the office line at (916)617-2221. Ask for John or Adham.
0 votes Thank Flag Link Sat Sep 18, 2010
GO TO http://WWW.OURFUNDSONLINE.COM IT IS MY OTHER COMPANY THAT DOES "HARD MONEY" LOANS WE WILL GO TO 70% LOAN TO VALUE OR FEEL FREE TO CALL OUR CELL PHONE # 310-984-0496 OR OUR TOLL FREE # 1-877-870-2676 ASK FOR JEFFREY MARTINO YOUNG OR JESSIE JAMESSON
0 votes Thank Flag Link Fri Jul 23, 2010
WE CAN ASSIST YOU WE CAN GO UP TO 70% LOAN TO VALUE ON HARD MONEY IN CALIFORNIA CALL US TODAY AT 1-310-984-0496 OR GO TO http://WWW.OURFUNDSONLINE.COM
0 votes Thank Flag Link Fri Jul 23, 2010
Socotra Capital 916-617-2221 Ask for Adham. He is my partner. We have lots of money to lend.
0 votes Thank Flag Link Tue Feb 16, 2010
This post was from Dec 2007. Most likely, Tricia is already a foreclosure. $150,000 equity was just a naive seller's dream and first priority is a spammer.
0 votes Thank Flag Link Tue Jul 8, 2008
I own a company called 1st priority tri lending. We handle all types of loans as well as credit repair and loan modifacations.Call me if you still need help. 916.233.7678
0 votes Thank Flag Link Tue Jul 8, 2008
I thought something seemed amiss!! Now I know! You both looked like intelligent, nice folks! Big Jim fan club members.
0 votes Thank Flag Link Tue Dec 11, 2007
great hard money lender ......rem mortgage....cris paez...209-652848............i highly recomend him
0 votes Thank Flag Link Tue Dec 11, 2007
Yes Erin, Jim's answers are great. I should have relay'd that in the last post too. It did seem like I was referring to Jim since that turned into the last post before mine. Sorry Jim!! We love your responses and I definately wasn't beating up on you or any of the other level headed answers. Just the spammers.
0 votes Thank Flag Link Tue Dec 11, 2007
Michael doesn't understand because the replies we were reading were deleted. Now Deborah has posted a similar post to what we were seeing. Thank you Trulia for deleting those posts. I would hate for someone here to fall victim when the majority of us are honest, helpful professionals.
0 votes Thank Flag Link Tue Dec 11, 2007
Don’t understand Erin and Wayne's replies. Jim has a formidable track record on Trulia. His answers are learned and though provoking. The other two answers, besides Wayne's, seem level headed also. So what the heck are you guys complaining about?
My only comment is to Tricia--If you need the extra money to stave off foreclosure how are you going to pay BACK the loans you wish? The essence and definition of "predatory lending" is making a loan to someone when you know they can't possibly pay it back. If you wish to stay in your home talk to a Bankruptcy attorney and maybe seek out Chapter 13, Wage Earner's BK.
Also, contact your lender and see what you can arrange through them.
0 votes Thank Flag Link Mon Dec 10, 2007
I think Jim answered best, and i would be cautious when dealing with a hard money lender. There are alot of middlemen and it is hard to actually find a direct lender. Also in your area as it is declining i have not seen much hard money being lent in the valley. Even if your appraisal hold up to the 150K equity most Hard Money lenders have taken there guidelines down from 70%-65% LTV, to much lower and even as low as 60%-55% in declining markets like Sacramento.

Good Luck
0 votes Thank Flag Link Mon Dec 10, 2007
Tricia, please don't answer these spam emails. I don't know what's happening on this website lately but we're getting bombarded with what might be scammers. I'd love to give you some honest advise on who to call but I don't have any hard money lenders on the west coast. Please check with a local realtor and let them know you're possibly in need of hard money and they should be able to direct to a local, honest, company. Good luck.
0 votes Thank Flag Link Mon Dec 10, 2007
I'm confused...if you only need to borrow $30,000 and you have $150,000 in equity then why the need for a 'hard money' lender... Usually in this situation, where a homeowner HAS equity in their home and assuming is can be proven by an appraisal by the bank lending, getting a 'second' on the home or re-financing the first should not be an issue...I don't see how a foreclosure should even be close to a reality if you can prove the $150,000 equity you stated you have...conventional financing seems the way to go here unless I'm missing a piece of this puzzle...do you have severe credit issues??
0 votes Thank Flag Link Wed Dec 5, 2007
Sorry to hear about your situation. A hard money lender is going to charge you a VERY high amount for loan origination up front, and generally those types of loans are not meant for long term solutions. Do you have decent credit? If you truly have that much equity in your house, you might try doing a regular refinance? Interest rates are really low right now. I recommend contacting Marlena Olson with the Vitek Mortgage Group at 916-486-6900.

If you have not already, you should speak directly to your mortgage company, as they may have some options to assist you in stopping the foreclosure process. Not sure how far behind you may be in your payments, but they can set up a "forebearance" where you pay a little extra each month while you catch up on your payments...I have also heard of lenders adding the amount you are behind to the principle balance of your loan. Also, in California specifically, the state has arranged for some assistance programs with lenders such as Countrywide, Litton Loan Servicing, GMAC, and Home Eq.

Much luck to you.
Web Reference: http://www.erinattardi.com
0 votes Thank Flag Link Wed Dec 5, 2007
Erin Stumpf, Real Estate Pro in Sacramento, CA
MVP'08
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