I need a mortgage for about 125,000.00, and my credit score is 647 and I have a ch. 7 discharge 6 months ago. Is there a private lender who will work?

Asked by Dfrascati, Winter Garden, FL Tue Jun 11, 2013

with me on this???

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Sam Sharp’s answer
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Thu Jun 13, 2013
You may be able to work with a Hard Money lender - but this will be tough
I have a few sources but the loan amount is too small for their criteria.
good luck witht your search
Sam Sharp
Senior VP of Mortgage Lending
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0 votes
JIM Michaels, Agent, Chicago, IL
Mon Jun 17, 2013
reach out to Wesley

Our Team | United Equity Mortgage Corp.
15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274
Paul Gondek Senior Loan Originator. NMLS ID 226276
0 votes
Rusty Payton, Agent, Chicago, IL
Wed Jun 12, 2013
If a Realtor answers this question, you should run. That is not their expertise. There are programs for financing many individuals and you should work with them rather than unknowledgeable real estate agents. Reach out and ask for referrals and you will learn that there are indeed opportunities for you.

Rusty A. Payton, Broker
iMove Chicago
1225 W Morse
Chicago, Illinois 60626

773-856-6200 [Office]
773-856-6201 [Fax]
773-800-1051 [This number reaches me anywhere!]

e. payton@iMoveChicago.com


blog: iMoveBlog.com
0 votes
Sohail Salah…, Agent, Chicago, IL
Wed Jun 12, 2013
Unfortunately, it will be tough for you to get financed unless you have a very large down payment with enough collateral and assets to secure the loan by a private lender.

Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing


Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

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0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Jun 12, 2013
Private lenders should not be used for owner occupied homes, many states have laws that forbid this. A private loan or hard money is best for a home bought to fix up and sell as the interest is high and term of the loan is very short, usually a year or less. Meet with a local and truste dlaon officer, get pre-qualifed and do it the right way
0 votes
Philip Sencer, Agent, Chicago, IL
Wed Jun 12, 2013
My web site has some lender references. Give them a call and see what they might be able to do.
0 votes
Bill J Delig…, Agent, Naperville, IL
Tue Jun 11, 2013
Go and Rent for the time being.
0 votes
David Hanna, Agent, Chicago, IL
Tue Jun 11, 2013
There may be private money, but it will be very expensive and the terms will be punishing. Be smart, rent, get our credit back up to the mid 700s and get a loan on good terms.
0 votes
Thank you for getting back to me so quickly. I would love to do that but the problem is I have a child with disabilities and needs to be in this school district for 1 more school year, and rentals in this area for school district are crazy and units are too small, for us if it is affordable. I feel like I am throwing money away.
Flag Tue Jun 11, 2013
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