Can I refinance a home that has a lean on it?
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1. Is the home currently under construction ( if so, a lot of lenders will not do it because the home is incomplete and they may feel like their interest in the property will not be marketable enough to recoup the loss, if they had to sell it).
2. What is the current market value of the home ( this must be known to determine if there is substantial amount of equity in the home to cover paying off the lien).
3. If an appraisal is done, there can be no statement what so ever that suggest to the lender that the home is in fair condition ( that is unacceptable to any lender).
Another alternative is the obtain a line of credit for home improvements. Lines of credit can be obtain through your local bank or any lending institution. However, some lines of credit may become the mortgage on the home; basically the lender may tie the line of credit to the home as a lien or a second mortgage to ensure that if the real estate is transferred; they will receive payment.
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