Hard money loan questions

[Joshua Rich]

Hi, i am currently in foreclosure on my home.

My home value $450,000

My first loan $250,000

My second (personal loan from father) $25,000

I am behind on my monthly payments: $15,000

Other equity:

Second home (clear title): $120,000
6 land properties total (clear title): $300,000

I am currently recovering from a spinal injury. I am getting better slowly.

My goal:

I want to move out of my home and rent it out but i need to get a loan to get current on my mortgage and get myself out of foreclosure. I have approx 30 days left on my 3 month notice.

I will need to fix up the home before i can rent it. I also want to fix up the second home and rent it out. I can rent a room to live in thats fine with me. But i dont want to lose my homes because i can make money with them.

I am stated income from my own business (computer software) and limited to the hours i can work, most of my pain comes from sitting but i am very bodily able to do construction and labor.

1. Should i get a hard money loan?
2. Most of the loans i have inquired about are 1-2 years with interest only payments every month and balloon payment at end of the term 1-2 years. Is that good?
3. The interest rates i am getting are 10.99%-20% is that good?
4. I am afraid to take on a 1-2 year hard money loan is there any other option i may have? That's a lot of money to come up with in 1-2 years!
5. Is there a place were i can get competitive bids on a hard money loan?

My income is limited and my credit is reported bad now. All i have is my equities.

Thank you for your help!

[Ann Bellamy]

You didn't specify that you wanted a loan secured by your second property, you focused on details about your first property and said "i need to get a loan to get current on my mortgage and get myself out of foreclosure." Implying you were looking for a loan on that property

You didn't mention that your first house was across the street from Disneyland and commanded high rents.

When you give incomplete information, you get incomplete answers.

Regardless of that, @Jeff S. gave you a good solution.

Don't be surprised, however, if no one will lend to you even on your second home. The SAFE act has made residential loans, even on a second home, very restricted and a rental single family house in your own name falls under the same category as an OO residence. Keep up, guy. Your sarcasm is not productive.