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legalgems
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I lost my job. I own 2 condos but have no savings. I wrote

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Hi, I lost my job. I own 2 condos but have no savings. I wrote previously and Michael Bradley suggested I seek a home equity loan. I tried my Wells Fargo, they said no. What are other options besides reverse mortgage? I will sell my Maui condo, and keep my SJ CA condo and seek work. Where can I get money fast to pay my bills for the immediate or what can I do?

Good Day!A few minutes please as I review your question so I can provide you with legal information. Thanks!

I am very sorry to hear this.

Generally if one has no income due to a change in employment it is very difficult to get a lender to make a loan. That is why people will often turn to family or friends as a temporary solution (which can be an issue because if a person declares bankruptcy often the family/friend will not see the money since the trustee will not give them preference but will treat them as an unsecured creditor).

It is possible to see if one of the homes would accept a short sale, and then possibly the other mortgagor will work with you while the other home is being sold. It would be difficult to determine without knowing one's equity but generally a lender will work with you for a short time if there is equity, and a positive long term history with the lender.

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Please see:

https://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure

Customer: replied 1 month ago.
I own both condos, no mortgages. Does this make a difference?

Yes it does; normally people are worried about foreclosure so that is good to hear.

Generally the route is home equity loans, and you may need to shop around; but please see this advisory:

https://www.consumer.ftc.gov/articles/0245-using-your-home-collateral

Also some private investors are willing to take an interest in a home or to use the home as collateral for a short term loan; those tend to have high interest rates and the lender should be thoroughly vetted and any documents reviewed by an attorney.

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Thanks!

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