Posted on: 15th Feb, 2011 10:35 am
Please someone help! I am currently trying to get a loan on a house that I and my mother own but she lives there. # tears ago the house caught fire and charred the inside. We then took out a loan of 40k to repair the house assuming it would appreciate in value. The house is completely renovated inside. However the interest on the loan is extremely high and I am trying to get a mortgage to pay for it. the only problem is that the property values are so low, that the banks wont touch it. How can I get the money out of this house to resolve this issue? I believe it will appraised for more than 40.