Do you know anyone here in California who are Private Money Lenders?

Question by curiousboy: Do you know anyone here in California who are Private Money Lenders?
I wanted to help people who are facing foreclosures to pay their back payments and still stay at their homes….and of course, make a little profit during this process?

Approach a Private Lender to pay off back payments of those under pre-foreclosures (at a higher rate of interest) and let the owner stay at their current home and paying back the lender on a monthly basis.

Best answer:

Answer by rayk469
While I applaud your thought, I must tell you, it probably won’t work. I have a friend over in California who does lend private money, and he won’t touch what you refer to. The attitude is always, how can they pay me back AND make their mortgage payments when they can’t even make the mortgage payment now? My wife is a mortgage broker here in Texas and approaches the situation by going to the lender, trying to get a modification of the loan that everyone can live with. I’m not sure of California law, so can’t get more specific than that, but my lady usually finds some error in the loan package that the lender or title company has made to use as leverage. She’s quite successful in most cases.

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