Posted on: 08th Apr, 2010 03:12 pm
We used a private lender for a construction loan. We were guareenteed that we had a final loan when we were done building.That was over a year ago that we finished and moved into the house. It turns out we really didnt have financing when we were done building. We have been trying ever since to get the loan to pay off the private lender, but we cant get one. The private lender isnt going to give us anymore time. We haven't missed any payments to them, but they are going to foreclose.
Hi Guest!
Welcome to forums!
I would suggest you to negotiate with the lender who has given you the construction loan and buy some time from him. In the meanwhile, you should try to get approved for a conventional loan. You will be able to get approved for the conventional loan depending upon the equity in the property, your income as well as credit score apart from the other factors.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I would suggest you to negotiate with the lender who has given you the construction loan and buy some time from him. In the meanwhile, you should try to get approved for a conventional loan. You will be able to get approved for the conventional loan depending upon the equity in the property, your income as well as credit score apart from the other factors.
Feel free to ask if you've further queries.
Sussane