My home is not financed, but can I get a mortgage against it as a loan?
Tuesday, 31. August 2010
I’ve lived in a co-op for over 20 years. Recently, the HUD loan was paid off for this property. Now, we have converted to market rate condos, and we can sell our unit for whatever the market will bear.
I could really use a loan for paying down debt I’ve aquired over the years, and for home improvement as well. Would it be possible for me to obtain a mortgage for maybe half of what my unit is worth (,000-25,000), and like buy it from MYSELF, so I can keep the place I live in, and also have money to payoff some high interest loans and credit cards? It’d be like a refinance, but I am basically not financed at the moment. Others here have sold to real estate offices, and other buyers. I am just interested in getting some equity out of my unit for now. I am ready to move immediately forward if this, if this is a possibility. What do you all think? Possible, or IMpossible?
estielmo Says:
First, destroy the credit cards. It’s how you got to this point in the first place. They love to keep you in debt, as you have seen. You MUST live within your income and still build savings.
You go to a bank and simply get a home equity loan. Watch out for the fees and don’t accept a pre-payment penalty clause.
RealEstatePro Says:
Yes you can, that card debt should be paid down a little as well. Try a reduced doc type loan.
autoprt Says:
this company needs individuals who have recently applied for home refinancing and were turned down or are considering applying for a home refinance.
The company has a new program it is testing and will only available in specified zip codes.
For details: http://nbjmp.com/click/?s=52473&c=95925