I am a 59 year old man that always had great credit until my wife divorced me and I discoverd several credit cards that she opened in my name that are now charged off. Now I have bad credit, and want to buy a foreclosed house that is a great deal. I own a commercial building with 100% equity, I own it free and clear. The value of the commercial building is 2-3 times that of the home I wish to purchase. Is there any advice anyone can give me? Are there lenders out there? The house payments on this very modest home will save me so much so I can take care of all finances eaisily.
PS: I do plan to get advice on how to go about taking care of the charge off accounts. I am not going to ignore them. I am have never been a deadbeat. I am so ashamed of this happening to me at this time in my life.
I did want to add that my business has excellent credit. God, I hope to find help.
There is a good chance that a bank would lend you the money if you put up both your commercial property and your new home as collateral. It wouldn’t be a home loan, but a business loan. The terms wouldn’t be has good, higher interest rate and a shorter duration.
A normal government insured homeowner loan is not going to happen.
You can EASILY get financed form places like the company I work for. I know that if you at least have employment, or you are unemployment and getting an income or on welfare you can still get a mortgage but only from places like this: http://tinyurl.com/75owsyn
Click the ‘Local Foreclosures’ link near the top to get access to the mortgages and foreclosure listings.
References :
http://tinyurl.com/75owsyn
There is a good chance that a bank would lend you the money if you put up both your commercial property and your new home as collateral. It wouldn’t be a home loan, but a business loan. The terms wouldn’t be has good, higher interest rate and a shorter duration.
A normal government insured homeowner loan is not going to happen.
References :
Unfortunately no one is going to want to loan to you. You are not alone on this, there are plenty of people with two of the lender big three: good credit score, assets, employment history documented/income, but if you do not have all three, no one wants to issue you a mortgage.
References :
Oregon Realtor
You can raise all of the house money on the commercial property and just use that property as security. There are some good commercial lenders whom will do that for you.
References :
Suggest you go to home seller and ask them to carry the mortgage for you or to give you a Rent to Own Deal–get it drawn up by YOUR attorney in either case
If you did NOT open the credit cards, did NOT sign them, they are NOT your debts. Have you notified the credit card companies in writing of this? Have you discussed this with your divorce attorney?
References :
real estate investor