Question by voiceoftheanimals2006: What is a mortgage refinance company that handles hard-to-finance situations?
Need a refinance of 20 northern Idaho acres that is:
1) in foreclosure, 2) is an animal sanctuary, 3) has older mobiles used for “kennels” and staff, 4) the animal sanctuary is a 501c3,
5) has gone through probate and is now in the name of the Pres/CEO, 6) no verifiable income except the CEO’s SSI (donations vary).
We really need someone who is humanitarian-oriented, perhaps a philanthropist, who will believe in what we do: we specialize in helping handicapped animals; we are a right-to-life, right-to-love, right-to-respect 9 year old organization needing some help.
Does anyone know where we can turn for help?
Ed, VP/Sanctuary Director,
Answer by Goldenbearloan.com
Email me would like to help. Commercial is something I do and since its on the west coast I can get some good lenders for your situation.
What do you think? Answer below!
Does the non-profit own all the property to include the sanctuary?
What condition if the non-profit in does it have any money, other than owning the property in foreclosure?
Who is in foreclosure? The individual or the non-profit corporation? How long have you been in foreclosure?
What is the value of the property as it stands? What is currently owed on the mortgage that is in foreclosure?
Are any of the mobile homes in need deferred maintenance? If so how much?
The above would be good information to know if you are to be helped.
The bottom line is you might find a land lender that will lend you 50% of the value of the land. There might be a bit more if the mobile homes are in pretty good condition. You might find a hard money lender that might lend a bit more say 60%.
Check your local telephone book for land lenders, and sub prime lenders. These are the two that I think will give you the best possible chance of getting out of foreclosure.
You might also advertise in your local paper for an equity partner to raise money and get out of foreclosure. You might find a local person that is interested.
You might also go to the local county and city governments for programs they might have available to repair county and city property. Some have low interest loans and other programs that are not widely known.
I hope this has been of some use to you, good luck.
Call me tom. at 866-906-3595 around 11:30ish
JOe from Equistar Financial