I have 1i7 acrea of farmland I would like to use as collater

Hi Samdaviselec ,

Welcome to this forum.

You can take a loan using your farmland as collateral and pay off your credit card debt. But I would suggest you to use your credit cards wisely so that you need not loose you land in future.

Thanks,
Larry

Hello Samdaviselec,

You may get a loan using your land as collateral to pay off your credit card debts.

You have to talk to the banks or search for lenders who are willing to give loan using land. They will be more interested to know about your loan repayment policies rather than the collateral you are using.

I have tried the banks. My credit is good in the sense that I've never made a late payment; but the banks only want land that has well and septic or with a house on it. Farmland seems to be a thing of the past. I plan to close the credit card accounts when paid.

Hi Samdavise,

I have never heard of farmland mortgage lenders requiring borrowers to have a well, septic or the like on the farmland along with a house on it. May be it is what the lender you have approached requires. Other lenders may have separate criteria. I would suggest that you shop around with some more lenders and then decide which will be the best one for you.

Take Care