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Any way to get a loan for 2nd property?
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Posted 1/21/2009 3:25 AM (#1918)
Subject: Any way to get a loan for 2nd property?
Complex scenario here, like a lot of people. Things didn't work out here in a suburb west of Phoenix and my $380K house is work $200K less (yes that much) than what I bought it for and I have absolutely no way of selling it. Further, other financial problems make my current payment way to high for me to afford. I didnt do a subprime loan or zero down either, but other issues came up. We have attempted the ever popular 'loan modification' with our bank, but got the word today that their 'help' is only going to cut our payment by $100 of so per month. I am too far upside down to recover any of my money in any reasonable amount of time. So the inevitable is that I will be going into foreclosure in the next 3-4 months. That's the bad.
The good is that I have NEVER been late on a payment and am current. So as of this very moment, my credit is fine. My problem is my income to debt ratio, about 2/3 of my salary goes to the money pit here. I am trying to find some way to get financed for a small amount, as little as $50K. There are some smaller, but decent houses in the $80K price range and I actually do have about $30K in assets with my vehicles that I could sell, some inheritence money coming, etc. I'd be puting about 35% down, maybe more. Does anyone know of any programs or lenders that might be able to assist me?
On a second note, the loan on this place is all in my name. My wife still has good credit, but she only made around $12K-$16K a year last year. She doesn't think she will be able to qualify for much, especially with todays super strict lending practices. Does anyone know of any lenders or programs that might work going this route?
Any ideas would be appreciated, otherwise it's off to renting for a few years.
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