Mortgage Money for Lousy Credit

Discussion in 'Bankruptcy' started by iNet, Jan 12, 2005.

  1. iNet

    iNet Guest

    I suppose I could be more tasteful and say "for less than perfect credit",
    but I'll be honest - the people we lend money to don't have the time to
    dance around and be politically correct with wording.

    If you have banged-up credit

    Multiple late payments

    Prior (or even currently in) Bankruptcy

    Pending Sheriff sale

    Poor credit but have an "opportunity of a lifetime" buy

    We may be able to help.

    We do the occasional "A" credit loan. Our rates are competitive in this
    regard, but there are better places to go.

    For the "B, C, D & F" grade loans, we excel where others fail. We work with
    you, with what you do have, to get a mortgage for you. No income
    documentation, creative down-payment scenarios, Liens, judgements, etc. We
    have seen it all before, and have experience in working through whatever you
    may have.

    We offer a "sale / leaseback with option to buy" program that is second to
    none - if you absolutely positively cannot get a mortgage, we will buy the
    property from you, lease it back to you with an option to buy after 12-24
    months. (This has been exceptionally useful in situations where a homeowner
    has fallen far behind, a sheriff sale is in 3 days, and there is no other
    way to save the home)

    Never an application fee. No up-front fees. (Note - appraisal fee due and
    payable to an appraiser of your choice prior to closing)

    If you have questions or have any concerns at all, email me at

    Sales at (SpamKiller)INet-Lender.com (Remove the SpamKiller and quotation
    marks)

    www.inet-lender.com
     
    iNet, Jan 12, 2005
    #1
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  2. iNet

    Slobby Don Guest

    iNet wrote:
    >
    > If you have questions or have any concerns at all, email me at
    >
    > Sales at (SpamKiller)INet-Lender.com (Remove the SpamKiller and
    > quotation marks)
    >


    A perfect example of the pot calling the kettle black! I'll remove some of
    the hypocrisy:

     
    Slobby Don, Jan 12, 2005
    #2
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  3. On Wed, 12 Jan 2005 00:15:45 GMT, iNet <Um> wrote:
    : We offer a "sale / leaseback with option to buy" program that is second to
    : none - if you absolutely positively cannot get a mortgage, we will buy the
    : property from you, lease it back to you with an option to buy after 12-24
    : months. (This has been exceptionally useful in situations where a homeowner
    : has fallen far behind, a sheriff sale is in 3 days, and there is no other
    : way to save the home)

    Intriguing. Could you supply a realistic example here on
    alt.bankruptcy of how your services would be superior to a Chapter 13?

    ISTM a court-enforced restructuring will almost always be superior to
    a private arrangement, but I've been known to be wrong (sometimes)
    (rarely? :)

    TIA Howard
     
    Howard Goldstein, Jan 12, 2005
    #3
  4. iNet

    iNet Guest

    "Howard Goldstein" <> wrote in message
    news:...
    > On Wed, 12 Jan 2005 00:15:45 GMT, iNet <Um> wrote:
    > : We offer a "sale / leaseback with option to buy" program that is second
    > to
    > : none - if you absolutely positively cannot get a mortgage, we will buy
    > the
    > : property from you, lease it back to you with an option to buy after
    > 12-24
    > : months. (This has been exceptionally useful in situations where a
    > homeowner
    > : has fallen far behind, a sheriff sale is in 3 days, and there is no
    > other
    > : way to save the home)
    >
    > Intriguing. Could you supply a realistic example here on
    > alt.bankruptcy of how your services would be superior to a Chapter 13?
    >
    > ISTM a court-enforced restructuring will almost always be superior to
    > a private arrangement, but I've been known to be wrong (sometimes)
    > (rarely? :)
    >
    > TIA Howard



    Excellent question - although I did not mean to imply that a sale / lease
    with option to purchase is better or worse than a chapter 13. Sometimes
    they don't equate/relate.

    Did the above S/LWOTP for a woman in a home that had completed a Chapter 13
    2 years prior & could not file a 13 again.

    Did one a few months ago (with the approval of the Trustee) where the man
    sold the home while in a 13 and then converted to a 7.

    Just like everything else in the world, it is not black & white. If I feel
    a 13 is the way to go for a client, I recommend it to them. Help them any
    way I can. They eventually come back as clients, even years later. (been
    doing this 15+ years)
     
    iNet, Jan 12, 2005
    #4
  5. On Wed, 12 Jan 2005 03:01:26 GMT, iNet <Um> wrote:
    : Excellent question - although I did not mean to imply that a sale / lease
    : with option to purchase is better or worse than a chapter 13. Sometimes
    : they don't equate/relate.

    It seemed an appropriate thing to mention in that you posted to
    alt.bankruptcy.

    :
    : Did the above S/LWOTP for a woman in a home that had completed a Chapter 13
    : 2 years prior & could not file a 13 again.

    Couldn't file because she couldn't propose a confirmable plan?

    :
    : Did one a few months ago (with the approval of the Trustee) where the man
    : sold the home while in a 13 and then converted to a 7.

    Please elaborate on this because ISTM you're saying the man did the
    sale/leaseback while in the 13, is that correct? If so I agree it
    might be useful in an upsidedown situation and a big change in the
    circumstances. (although I hate to see confirmed 13s go to 7s due to
    all of the money that needlessly went to the unsecureds, sometimes it
    can't be helped). On the other hand I don't see a lot of upsidedown
    home situations in my neck of the woods where the land bubble's been
    upping everyone's property value by a consistent 15-20% in each of
    the last 5 years.
     
    Howard Goldstein, Jan 21, 2005
    #5
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