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Offer to buy loan for property

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medeiroshotshotcouriersvc Joined: 15 Aug 2010 Posts: 1 1.00 Dollars($)	Posted: Sun Aug 15, 2010 5:21 pm    Post subject: Offer to buy loan for property Like 0 Dislike 0 I have a chance to purchase the note for a loan that my friend has secured from a private lender. The balance of this note is 75k. Payments are 671.00 mo. @7% for 30 yrs. This private lender offered it to me for 40k. Since my friend became ill and can't make the payments and I don't want to lose the property I've been making the payments. I need to borrow 30k and take 10k I have in stocks to purchase the note. I'm self employed and haven't filed taxes for some time as I've not shown any profit from my business. I have collateral in the form of personal vehicles, boats, motor home, etc. that will more than cover the loan amount. Plus I've been making the payments for over 18 months. The new loan amount will be half of what I'm currently paying. What kind of loan should I apply for? Do I have a chance of even securing a loan? Not sure where to begin or who to talk to. Can you point5 me in the right direction. Thank you in advance for your help. Joe M.
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Sun Aug 15, 2010 9:23 pm    Post subject: Like 0 Dislike 0 Welcome medeiroshotshotcouriersvc, You can use your personal vehicles as a collateral in order to secure a loan. However, as you're self employed and haven't paid taxes for quite sometime, it would be quite difficult for you to get a loan. _________________ Procrastination is the enemy of your financial success
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Mon Aug 16, 2010 2:25 am    Post subject: Like 0 Dislike 0 medeiroshotshotcouriersvc, If you own a business (self employed) you might be having some sort of credit line in your current business.If you do not have any cash credit account you can consult with your bank and can apply for a cash credit line.As most of the time this loan is provided with your track payment history and if you have a good track payment record,I won't see any problem getting a loan. But if you wish to apply for a home financing then it will be a bit difficult to prove your regular income because you haven't filed any taxes.So I will personally advice you that you need to approach it as a business loan only instead of home loan. DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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