Hard Money Lender, Investor? What do I need?

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Posted by Kimberly Rosenfeld on May 03, 2008 at 04:16:59:

I am not exactly sure where I would put this message, so I am sorry if it is in the wrong place.

I need help to purchase a home. I have found the perfect home, but there are already 5 buyers looking to buy it, but the owner said all the buyers would have to have 3-4 weeks as they have their own homes and need to see what they are going to do with those in order to get financing for this home.

My husband and I have really bad credit. It started when we moved from NJ to CA and without explaining a long unusual 401K situation, the just of it is, the only option after talking to 5 lawyers was that we had to cash out my husband 180,000 in his 401K. And then as young ones do, we spent it. On cars, and a beautiful house. But when Sept 11th happened, and my husband was working for a wall street firm, their NY office was in one of the towers and they lost everyone. Basically everyone was laid off. At this point we had an over $30,000 Fed Tax bill and $20,000 Ca Tax bill. We paid the mortgage on time, we were never late, but as our savings dwindled down, I, who was pregnant with my 3rd child and had major medical problems became worried. My husband looked everywhere and found work in Orlando, FL. But his pay was less, though other things here are less. We have one lien for about $2,000, still about 10,000 Fed taxes and 3,000 CA taxes to pay. That we could have dealt with. But in April of last year, someone broke into our personal website and email through our host and we have had identity theft ever since. Our host and a forensic computer detective were able to find the ip address that everything was done from. It was not proxied, so they didn't mask themselves or hide their ip address. The police know they are in Rochester, NH, and three addresses there have come up on my husband and my reports. Needless to say, getting the credit bureaus and our credit card companies, etc. to take everything off has been impossible. I have a case now with the FTC and the Federal comptroller of the currency as they were able to get into our bank account and took $9,000.

There is more I can say, but this is the situation, and I want to know what I can do. We have been living in the same home for 4 1/2 years and now the owner is having to do a short sale and we have to be out as soon as possible. We have a home to go to for now that is our friends, but they will be back in a year and a half and who knows how much better our credit will be. But we did get an attorney to handle it a few weeks ago.

We got conned into a lease purchase that was written up wrong and we were forced to say no way, as we would have been paying way more than the house was worth, so we lost our $10,000 deposit 2 weeks ago.

We need to know what we can do to get the specific house I was speaking of getting prior to the 5 and possibly other people who are fighting over who gets it first. I found the home on a US Lease Option site (and it says right on it, will be gone in a week) and I believe them. The home is in Ormond Beach Florida in Halifax Plantation Resort and Golf Course. It is two blocks (you can walk) to the beach. I don't know what happened, but obviously the owner couldn't afford it. The asking price is $369,900 which is amazing for the location. My step dad was the president of the board of realtors of California, and he now owns 5 property management firms. He looked online at it (its very impressive), and then he did some research on rentals in the area. This specific property actually rented 2 years ago for $3500 a week for the entire summer, depending on other times of the year, its less since its not summer beach weather, but there's the golf. So basically, my step dad said if I had to go beg on a street corner or sell my 4 beautiful children (it was a joke, I'd never do it), he said I HAD to come up with the money and GET THIS HOUSE as an investment.

As I said, I am disabled, but my husband works. My husband makes $133,400.00 a year, and I make a little less than $23,000.00 a year. So together we make over $150,000 and we definately could afford the house but after everything that has happened to us, and losing the $10,000 a few weeks ago, we are tapped out of money. We have 4 children to clothe and feed. I don't know how you can help me, but these are the specifics.

The seller went to US Lease Option and will do a Rent to own or Lease Option. He is requiring $10,000 as the down payment (which we just lost to the con artist with our lease purchase a few weeks ago) He is asking for a monthly rent payment of $2,000. Before this house, we were paying $4100. The house is $369,900 to buy, it was built in 2004, is 2536 sq ft on 1 acre of perfectly cut lawn, has brazilian wood flooring, it has 4 BD/3BTH but it also has a loft and office/den which has been used as a 5th bedroom. It is a Victorian Style. It is in the sub division of Halifax Plantation, the address is 3761 Mayo Circle, Ormond Beach, FL 32174.

So what are my options? I have about $1500 that we need for food and a few bills, etc. What are Hard Money Lenders? The seller isn't very interested in his lease option/rent to own. Sounds like he was pressured into it. I thought I read something on your site about a loan for bad credit that has a high interest rate, but allows you to make payments for 5 years with a baloon at the end. 5 years is what I feel really comfortable with. With the money we make, a 2 year rent to own or lease purchase shouldn't be a problem, but with four kids who get hurt all the time, and myself who has been in the hospital at least every two months because my kidneys are failing (Insurance covers the hospitalization and everything 100%), but 5 years is just my comfort zone. And I figure with the lawyer, we can get our credit cleaned up, but stay at my friends house the 1 1/2 more years she's gone, and rent out the home. (All the homes around there rent for a minimum of $875 a week during the worst of seasons. Just look at Craigs List alone!

I'm sorry. I keep talking. I need to stop. I need your help, all of you. What can I do and how can I do it within about 3 days?

Please HELP!

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