Posted on: 09th Mar, 2009 05:58 am
i have land that was giving to me free and clear. i want to build a house but the banks want loan me the money because of my credit. can i use the land to get a loan to fix my credit?
If the deed of the land is on your name then it will be very easy for you to get the loan sanctioned by the bank.But if it is not on your name, then you won't be able to get the loan alone on the property value.
One more thing to remind you that till the point you own the loan to the bank the property will be hypothesized to the bank. :wink:
One more thing to remind you that till the point you own the loan to the bank the property will be hypothesized to the bank. :wink:
much to the contrary, you will find it quite difficult to pledge your land as collateral for a loan. raw, unimproved land is not suitable for collateral, and it certainly is not suitable as a substitute for adequate credit.
