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I want to take out equity in my home. I own it outright and have no mortgage. In march of 2011 I had to short sale my home due to

due to my wife contracting lyme's disease and she had to quit her job. This was totally out of the blue and we had no way to know this would happen. I would like to take this money out to pay off debt, do home improvements etc. I hear the standard now is a three year wait. I will have two years behind me in march. Can anybody help or provide any advice. by baldsi_746_862 from Queen Creek, Arizona. Jan 30th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Morning! You would need a very detailed hardship letter of explanation which we can discuss to determine what options would be available. We have In House Underwriting as a Direct Lender, so I could pass the information on to have it reviewed before proceeding too far along. I'm happy to help as I am able to originate loans in all 50 States. Thank you and good luck!

Jan 31st 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

I'm pretty sure I can help With your situation. Conventional guidelines has a loan product where we can refinance you up to 80% loan to value. If you have sufficient credit (640 or above). But I'm pretty sure I can help. William Acres. 480-287-5714

Jan 30th 2013
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Amy Wiechert (awiechert)
#52 ranked lender in Arizona - 5 contributions

Hi, We have a couple of options that should work. Would love to help #602-689-6467. I am located here in Phoenix, so if you would like to meet in person we can do that as well and go over your options.Thanks,Amy

Jan 31st 2013
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sorry to clarify I had a previous home I had to short sale. I have since purchased a home outright which I would like to take money out to do home improvements pay off bills etc.

Jan 30th 2013
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David Kester (davidkester)
#76 ranked lender in Arizona - 23 contributions

I maybe able to help call me at 602-628-6500.David Kester.

Jan 30th 2013
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David Kester (davidkester)
#76 ranked lender in Arizona - 23 contributions

Or apply online at www.trustyourlo.com

Jan 30th 2013
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 796 contributions

hi, call William Acres. 480-287-5714 he specializes in only Arizona....I think it can be done, if put together properly

Jan 31st 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Regardless of what you read, you pretty much need to wait a minimum of three-years beyond the date your previous home transferred hands. You dont mention how much you are looking for, but you might find success with a local credit union if the amount is small compared to what the home is worth. Good luck

Jan 31st 2013
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Korene Clopine-Seaman (korene)
#68 ranked lender in Arizona - 89 contributions

Good Morning! Usually one needs two years with VA, three years for FHA, and 5 years for conventional loans. Having said that....I have done a refinance cash-out loan with a conventional loan when the borrower had a VERY compelling, documented, detailed hardship letter of explanation which you and I will need to discuss to determine what options would be available. We have In House Underwriting as a Direct Lender, so I will talk with him and make sure to have everything on the right path before we would get too far into the process. I am located in Metro Phoenix and happy to help you. I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California NOT Colorado but Pinnacle Capital Mortgage Corporation does have offices in Colorado and they will be pleased to help you.. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!

Jan 31st 2013
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Andrew Alfonso (CashCow)
#44 ranked lender in Florida - 271 contributions

Yes for sure........You would need a very detailed hardship letter of explanation which we can discuss to determine what options would be available. Very possible though! Andrew Alfonso

Jan 31st 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

There are many options as mentioned if you have a VA or FHA loan that might work. Contact a local lender and see if they can help. If not, then contact a local bank or C.U. and see about just getting a HELOC. They are not underwritten per conforming guidelines and a local portfolio lender would help you. If there is a Washington Federal C.U. near you they can help but definitely contact a Local Lender 1st.

Jan 31st 2013
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Bill Binkey (BillBinkey)
#100 ranked lender in Arizona - 2 contributions

Hello~A reverse mortgage could be the answer for youAre you and your wife both over 62?Bill - 928-237-9599

Jan 31st 2013
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JAMES LaVANWAY (jim@CFS)
#104 ranked lender in Arizona - 2 contributions

If you don't want to go thru the traditional underwriting process, we offer an in house product that is non conforming, up to 75% LTV 1 day after Foreclosure or Short sale. No prepayment penalty,competitive terms. Requires 600 minimum FICO and it is address specific, so that's all we need to get started. Super Fast closings with CFS mortgage corporation, celebrating 30 years of lending in AZ.Jim@CFSMTG.com or 480-646-8505

Jan 31st 2013
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