High Risk Mortgage Lender

A high risk mortgage lender may be one of your few remaining options if you have poor credit and little or no equity in your property. But there are alternatives.

For many of us one of the toughest options is to borrow money from friends or family. If you do go this route, be sure to offer a fair rate of interest. And make sure that you provide a written promissory note to your friend or relative. This type of arrangement can produce a great deal of stress and could lead to loss of friendship.

Another option is hard money lenders. These are individuals or small companies that invest in local properties that they can watch closely. They will usually do this only if you have equity in the property.

You can find them in the Yellow Pages under Real Estate Loans. If there has been a notice of default on your mortgage, these lenders will probably finding you.

If you do get such a loan, you'll have to make the same payments you've done in the past. Plus you'll have to make additional payments on the new loan.

Get Creative

Before you work with a high risk mortgage lender, you might want to exercise some creativity.

What can you sell? Do you have any boats, motorcycles, antiques, tax lien certificates, or ...

How about a grand piano or giant sculptured horse?

What's in storage or your garage?

Any personally copyrighted works such as software or books? Perhaps you have a patent.

Or you might have stuff in your garage.

You'd be surprised at what you can sell through eBay, Craig's List, or a garage sale.

This is the time to let go of attachments. The process can be very therapeutic.

Or perhaps there's an extra project you could do for some cash.

You can make an inventory of your skills and discover that you have lots of hidden resources.

Go from the high risk mortgage lender page to the bad credit mortgage page.

Go to the stop foreclosure home page.