In a really tough spot - uncertain what to do - advice needed

[Chris M.]

Hey guys, so we have a closing scheduled for this coming Monday, and I need to wire $24,000 to the closing company for this house today (Friday) to have the funds reach on time for the closing. This will be my first home purchase and we are going to use the home for my mom to retire in. I am self-employed and show no income on my tax returns, so we had to go through private sources to get the funds. The first private lender (mom's friend) backed out a couple weeks ago, and just yesterday (Thursday) our other private lender (my dad) bailed on us. I don't know what to do now since both of our private lending sources bailed on us. We are very modest people and $24,000 is beyond our personal budgets at this time. Is there anything you guys can recommend? Is there anyone out there who knows a hard money lender who could work with us on this? I'm panicking because we really found the perfect place for my mom to finally be able to retire in peace, but now both of our private lenders bailed on us. Any advice on this would be hugely appreciated... we need to figure out what to do today (Friday, September 6th) and are nervous wrecks over this. Thank you for any replies. 

[Caleb Heimsoth]

@Chris M. You need to delay closing. That’s the only realistic answer. Delay closing 2-3 weeks and figure out how to finance it.

You will also likely need to use an actual lender as your “private lenders” aren’t really lenders and you’ll likely have the same issue you’ve been having.

Find a no-doc lender, pay the higher interest rate and put 25-35 percent down.