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Hard Money (also known as Private Money) mortgages/loans are made by private investors , generally in their local areas. Usually the credit score of the borrower is not important as the loan is secured by the value of the collateral property. It is a way to get quick cash.

If you have some equity but less than stellar credit, problems in verifying income or problems with your property for whatever reason then Hard Money is for you.

Very often this type of financing is used for purchasing a home by a Buyer who has credit problems and/or problems with the property.

Refinance:

This will require some equity remains in the home. You must also be credit-worthy and have a job that pays well enough to qualify for the new loan.

Loan Modification:

The terms of the loan may be changed by the Lender to make the home affordable to the Borrower. Usually this method requires a hardship before the Lender will consider it. You need to be late on your payments for most Lenders to consider a modification. (1-3 months late as a general rule.)

Sun Pacific Mortgage & Real Estate 800 Mendocino Ave. Suite 2 Santa Rosa, CA 95401

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