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kingston - September 9th, 2005 8:59 PM

There are literally thousands of "alternative" lending sources in America. Also know as "B-C-D" lenders, these lenders provide mortgage financing for folks who can't qualify for conventional mortgages due to previous bankruptcies, and other negative reporting items on their report. The catch? Most likely you will pay higher fees and pointsrnThere are lenders who will give you a 100% financing the first day after you bankruptcy. There are other guidelines but this is there specialty. In others words don't be discouraged. In my brokerage office we use these programs all the time for many borrowers and I know they work from direct experience. Let me know if you would like more information.rn

kingston - November 29th, 2004 3:41 AM

If necessary you can go along with it to get it under contract and the lender/broker your working with can request an addendum be added to reflect the loan program you have been qualified for. Most likely the seller will sign the addendum just to make sure your loan application isn't denied or delay the sale of the home.

Although I am thoroughly confused as to why the seller cares about financing anyway when they will receive the money at closing regardless. Maybe you need to come to the table with a preapproved letter to calm them down. I am also wondering why they wouldn't be okay with a 100% financing because bottom line this part of the transaction doesn't affect them. What about your closing costs and earnest money do they also want you to cough that up as well. It seems like the seller isn't making any concessions and they may very well be in postion due to location, value of the home ecetera but it is a buyers market in most areas. Should you attempt to go this route make sure the lender/broker understands specifically what you want to occur. Are there agents involve normally they slap some sense into stubborn people.

If I can be of further assistance let me know
[email protected]

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