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Hard money mortgage lenders will

Mon Mar 10, 2008 11:03AM | By Tony

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overlook your previous credit problems including foreclosures, bankruptcies and judgments. Some will not even run your credit report, nor check your employment and assets. Except your home equity as this is the thing they are after. This and what little cash you have, so you can pay their outrageous fees. Of course they will pitch you something along these lines - when compared to the option of selling your home or loosing the home if foreclosure proceedings are completed, the higher interest rate associated with a bail out is usually the best alternative. These bail out programs are a form of refinance, they are not a lease back program. You still maintain ownership of the property. Sure you will maintain ownership to the point when you can't meet the hard money mortgage terms. At that point, you lose your ownership and the little money you had before.

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