Can I refinance a home that has a lean on it?

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I inherited an old lake house that is in bad need of repair. It is small and it would probably only need maybe 10,000 worth of money to put it in good order. The problem is that it has a lean on it. Is there a lender out there that would give me a home improvement loan? I don't have a dime to put into it myself but if I don't do something with it pretty quick it is liable to be condemned and I don't want that to happen. Anyone know what I could do?

Can I refinance a home that has a lean on it?

it would have to be paid off the lean holder is in first lean position meaning if you foreclose the bank gets paid second.

Can I refinance a home that has a lean on it?

I am a mortgage broker and I come across this all the time.

If there is a lien on the home, you can still refinance, but the lien must be paid off durring the refinace process. If you need $25,000 for repair and you have a lien for $5,000. Ask for $30,000 and tell your broker what the $5,000 is for and he will take care of the rest.

Even better ask your broker to pull title find out the exact amount owed and contact the holder of the lien and ask to settle for less. Most likely they will as long as they re-coup some of the lost. DO NOT tell them your are refinacing other wise they won't strike a deal as they will know they can get the full amount.

Can I refinance a home that has a lean on it?

There are lenders out there that will provide financing to you on your home with the lien. The issues for the lender would be the following:

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Can I refinance a home that has a lean on it?

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