Round Rock Texas
Bail Out Loans
Texas Mortgage Broker Helps Homeowners and Business Owners Avoid Foreclosure.
Regretfully, what is often called "foreclosure bail out loans" have become a very popular loan these days. We are glad that we are able to help some people who are in this situation for both residential homes and commercial properties. The rules for these loans are very different than normal loans so let's go over what will work and what will not.
Avoiding Foreclosure
For people looking to avoid foreclosure we are often using what is called hard money or private money. The reason is that these loans are much easier to qualify for since they focus on the value of the property with only a small emphasis, if any, on a borrowers credit score. The closing time for these loans is also much quicker, many times within 2 weeks of application.
We are able to approve loans anywhere from $200,000 to $10 million. The closing costs of these loans is higher than our normal conventional loans as are the interest rates so these loans are only best for people who need a quick temporary loan ranging from 90 days to 5 yrs.
Many of our customers have a hard time proving their income which is another reason why this loan can help.
Refinance to avoid Foreclosure
If this is a refinance, or a foreclosure bail out loan, (refinancing to avoid foreclosure) most of the closing costs can normally be included in the loan. If it is a purchase, those costs might have to come out of pocket.
Here are a few notes to help you decide if a hard money or private money loan is best for you. Since most of the approval is based on the property and not you or your credit, it is pretty straightforward.
For Refinance of your existing loan for a home or commercial property:
You must currently owe 65% or less of the value of the property. For instance if the current property value was $300,000, you would need to currently owe $195,000 or less. If the property value was $1,000,000. You would need to currently owe $650,000 or less.
Available in the following cities: Austin, Round Rock, Georgetown, Westlake, Leander, Cedar Park, Dripping Springs, Hutto, Pflugerville, Lakeway, Lago Vista, Lake Travis, Buda, Kyle.
If you have read the criteria above and think you may be a good candidate for this loan, please call me personally at 512-341-2802. I'll give you honest up front answers and do my best to help you. Please note that residential loans are for Texas homes only. Commercial properties can be anywhere in the U.S.
Regards,
Mark Matthews
President/Broker
KMA Lending Group
(512) 341-2802