Can I get the equity out of the land I own out right?
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I outright own a piece of land worth about $900,000. I would like to get some equity out of the land by getting a loan using the land as collateral. The problem is my credit. My home foreclosed a year ago. Without selling the land and with my bad credit, is there a way I can get a loan on it?
Can I get the equity out of the land I own out right?Yes you can get a loan, but the best thing you could do is get your credit up regardless if you decide to get some equity out, that will help you in the long run. If you end up taking out a loan you will have a high interest rate/payment due to your situation. I would like to help you find the lowest one,i could put a program together for you to see what you qualify for. So if you have any questions or other concerns please contact me via email. Good Luck!
Can I get the equity out of the land I own out right?Yes...you could get a loan (although interest will be high), a line of credit or even a reverse mortgage. Although i'm not sure how you let your home foreclose when you have 900k in assets...that will cost you way more in the long run since now you'll never get interest rates. Whatever the reason, best of luck to you!
Can I get the equity out of the land I own out right?Probably, but you might have to offer your land as security if you default on the loan. Go to a few different places and compare their rates. Make sure you will have the income to make the payments.
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