Many San Diego homeowners are facing the prospect of foreclosure. That doesn't have to happen if you have plenty of equity in your home. Rising food and fuel prices, combined with a tightening credit environment left San Diego homeowners with few options when trouble came knocking at their door. The implosion of most sub-prime lenders pulled the rug out from under those folks who suffered "life events".
The three D's: death, disability, and divorce are the major contributors to foreclosure. While the press reports that foreclosures in San Diego are rising because of ARM adjustments, we know that the three D's are far more severe to a famiiy's financial well-being than a higher mortgage payment.
Help is available to San Diego homeowners with a substantial equity position. The "new sup-prime mortgages" aren't new; they've been available in California for decades; private mortgage lenders. Private mortgage lenders are wealthy individuals or pension funds that understand San Diego real estate. They realize that housing prices won't free-fall forever. Most private mortgage lenders are willing to lend up to 70% of your home's value...
REGARDLESS OF YOUR CREDIT HISTORY
Have you received a Notice of Default on your property? If you can demonstrate an ability to repay a loan, we may be able to help you out of this temporary situation. Our private mortgage banking and brokerage specialists will analyze your property, review your finances, assess the risk of the extraordinary event thatput your loan into default and offer a financing solution to restore your good credit.
These loans aren't cheap money. The lender is taking on considerable risk in these loans and wants to be compensated for that risk. Rates of 12% are not uncommon. Fees of 2-4% of the loan amount are not uncommon. A good rule-of-thumb for the loan amount you'll need is:
- Determine your pay-off amount for your mortgage. That is best calculated by adding the most recent balance and one monthly mortgage payment.
- Add in any foreclosure costs (this can be obtained from the trustee)
- Add in any back property taxes.
- Multiply that amount by 1.05%
This should be the loan amount you request from a private mortgage lender. If you divide the requested loan amount by the property value, and the number is less than .7, a private mortgage may be available for your San Diego County home. You should expect a mortgage payment of 1% of the new mortgage loan amount.
We've been arranging private money mortgages for San Diego home owners since 1984. Yo can contact me at (858)-777-9751 or apply online.