Looking for private investor to mortgage current home regardless of lousy credit have lots of equity?

I am a single parent who got sick 5-6 years ago and because I was a real estate agent I was not able to work and my credit went downhill. I have since obtain a new profession that provides steady income, health benefits etc. , I re-fi at 11% (i know big mistake) and now cannot handle the $1600 paym't (includes taxes and insurance). I am looking for private lender to overlook last seven years of bad credit and look at my current steady employment and home equity to give my son and I a break. Please only sincere prospects reply, Expedience is of the utmost importance to save this family.

As a former Realtor you are fully aware that the chances of you finding someone to bail you out of your dire straights are slim to none. You also know that there is really only one other alternative to save your equity ... you have to sell. And lastly, you also know that your credit will eventually recover enabling yourself to buy another house in the future. What confuses me most is why you are holding out hope and not liquidating immediately. Still, I wish you luck, but wish more you would face reality.

Single family home that you occupy? Where is the property?

My advise to you would be to go to your bank or mortgage company and try to renegotiate that loan. Let them know your situation and that you are employed now and can make regular payments but you need the payments to come down a bit and the interest rate to be dropped a little. If you go to them with the new terms i.e. the interest rate and payments you can handle I think they will respect that. As long as you havent made previous arrangements and did not keep your end of the bargain. Good Luck!

I would also work with your lender now and try to negotiate a lower payment.

Most mortgage brokers know a hard money lender or two, but the lowest percentage rate I have heard quoted was 10%.

Don't forget, this is an international forum, plenty of weirdos out there, safety first.

The best advice I can give you - sell it for the equity only. Period, no whining and don't look back!

You need time to get on your feet again, get your credit back up to par and stressing with a new job plus putting your son through this is the last thing you need.

Take the equity sale and run like a bandit! Hopefully you have enough equity to get into a rental in a decent area for your son, and have a bit left over to begin getting your credit in order.

You know how banks work and it isn't to help out someone in financial trouble. I don't say this to be cruel, but it is the truth.

As for a hard money lender (which is what you are actually saying you are looking for), currently you can't buy 10%! 15% if you've used them before, but 10% is not an option and even a 15% comes with a balloon due in 2 years - max!

Calling your lender was a great idea. The other option is to have a family member (someone you can trust) come on title with you then use their credit to refinance. The mortgage will be in their name and if you fail to pay, then they have some type of ownership (depending on how you share title) to minimize their risk. I would personally avoid investors since they are looking out for their own interests and not yours. You're better off selling, fix your credit and buy when you're in a better position to do so.

Regards