What kind of loan can I get from residential real estate property that I'm making payments on?
Wednesday, 21. July 2010
I’m new to loans, but wanted to know that if I were to take over residential real estate property by means of auction, etc., and make monthly payments on it, could I use that property to obtain an equity loan, mortgage loan, or some sort of collateral loan?
chatsplas Says:
You will need title in your name and some history of payments, and clear title to get any loaons.
Can only get a HELOC if you owner occupy property.
yahoooo! Says:
if you own the property, you can borrow against it. it is called heloc or home equity loan – that is if you’ve been there for more than 2 years already. you can refinance your house with a cash-out. doing this you are making your original loan bigger and writing up a new loan. if you will do this, you have to look or wait for a time that the interest rate is very low, at least lower than what you have right now. but if you really not in need of money, why borrow against the loan. if you default on payment, your credit history will go down and you will have a hard time owning a property again worse you will have a hard time borrowing anything again.
eddy bohlander Says:
I had basically the same problem a while ago. Play it safe and read over here – http://www.loanresources.tk