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Updated over 1 year ago,
FIRST POST - Investment Opportunity - Please Help
I am a mortgage coordinator. I have a client that can't qualify for any mortgage loans. It may be completely off the wall, but are there hard money lenders out there that would be willing to pay off the overdue notes and let a 78 year old sweetheart of a woman with cancer live in the home until they pass?
1st Mortgage : $160,000
2nd Mortgage : $56,000
PACE Loan : $80,000 (As low as $40,000 - she's unclear, but working it up off the high end.
Appraisal : $560,000 as of 05/03/23
With everything paid off, that leaves $270,000 in equity, bottom end. The home is in decent shape. Located in Wilmington.
I know this post is a shot on the dark, but would love any kind of education I can get on the matter. I run across these situations across the country constantly in my field. These people want nothing more than to die in their homes. They have a ton of equity and can't qualify for a mortgage.
Please help!
Thank you so much for any guidance!