Where can I get a mortgage?

[Ugh07]

Realistically, Private money is hard money. "Private Money" as its perceived by most is an urban legend. Hard Money for the most part comes from individuals. I often arrange for "private money" loans from Drs. and Lawyers to homebuyers/investors, the terms are no different than what would be considered "hard money".

[samson420]

Hard money loans sure suck for my situation. . . . . .


I am trying to get private financing through people. But, money is tight. . . . I kind of figured this.


Private money is hard to find. . . . Hard Money is not, since it sucks.

[Ugh07]

owner financing or hard money will be your only choices.

[samson420]

I really hate the idea of renting. I only moved once in the last decade and I sure don't want to do it more then I have to.

A 80k mortgage does not even seem like a lot of debt to be since what I owed before was around 5x that.


I am still considering renting though.



Just blows to see house prices so low and I can not take advantage. My other worry is that, can they go any lower? But, no one will have the answer to that question.

[HHM]

Based on the options you have been exploring, you appear to already know that you WILL NOT get any sort of FHA or conventional mortgage at this time. You are too close to your BK. I wouldn't worry about home prices too much, they aren't going up in any significant way anytime soon.

Go rent, do not give into the "frenzy", get your situation stabilized and then worry about buying when you are actually ready. After all, you just came out of a foreclosure and BK 7, why suddenly buy a new pile of debt with a mortgage.

[samson420]

I just completed a Chapter 7 about 4 months ago. So I have been living in my soon to be foreclosed on house ever since. We have been saving money back as much as possible.


My original idea was to rent a house when we had to leave.

But, I decided to start looking at home prices and they are a joke. I can get a house that is very nice for 70+k.

I don't have 70 Grand to pay for a house out right. But, I do have a significant amount to use as a down payment(close to 20k).


Is there any way for me to get mortgage of some form?

I know of such thing as a "hard money" loan and that will just not work for my situation.


I have also seen private funding type loans. But, I just find investors who are trying to sell me a house and have me make a down payment to them and make monthly payments through them.

Owner type financing seems kind of flaky to me. . . . . Is there any other options?


I need such a small amount. But, I can't just make it appear.