Need a Personal Loan using my land as collateral

yes i own my home and land

Hi james douglas laney,

As you won both the home and the land, you can use either the home or the land in order to get a loan. Buy the way, can you tell me why you need a loan? Do you want to buy a property?

Thanks,

Jerry

Marsha K.,

In response to Marsha K. I would like to know how you could possibly own the title to the land in your construction to permanent loan since it is normally quitclaimed over to the bank giving the loan as collateral in case you fail to make your payments to the Builder/Contract. You are just the purchaser until completion, the debtor under both the construction and permanent mortgage and until that time nothing else although the bank usually makes it look as if you are the "borrower". You are once the completion of the contract in the security agreement is done and the permanent phase starts. I would definitely look at your agreements because I have never heard of a construction to perment loan that did not use the land as collateral to pay for the purchase of the house/sales agreement/security agreement (usually the one that amends the trust deed during construction). Good luck getting the funds. There should have been enough to finish the home unless you made changes or perhaps fired your builder.

Kelly

What is the lowest rate of interest I can expect on refinancing my farm loan at this time. I have been quoted 5.95%. I feel I could still get a
lower one.

Welcome Donna,

I would suggest you to speak to few other lenders and check out what rates they are offering you. This would give you an idea whether you could get mortgage at a lower rate.

i own an acre in cosby tn i paid 25k for it i belive its proble valued 30-35 k now dont know i got bad credit and need money to buy a house i stuck in this rewnters nightmere and me and my wife can afford the morgage on this house im downing everything i can to get help help any one
email "roysantanajr@rocketmail.com"

[Email address deactivated as per forum rules]

Hi

"i got bad credit "

What is your credit score like? and how much down payment can you afford to put in?

My husband and I have mortgage on a second home, which we purchased from my mother as a gift property. We did this so that she might remain in the home and not have to go to a nursing facility. She currently lives there with my sister as her caretaker. They pay a nominal amount of rent to live there. What are our chances of using our properties as collateral for a loan?

it is entirely possible maryann. but it depends on the value of the property, of course, and the balance of your existing mortgage. and, of course, you'd have to qualify based on income, credit, etc.

Hi, i presently have land title and i used it as collateral for my mortgage, cani now use this mortgage/house as collateral for my personal consumer loan. would that be possible

Hi,

I don't think you can use the land and the house as collateral because you have already used it as collateral to get a mortgage. You cannot use it again for a mortgage until you pay off the existing mortgage. By the way, as far as I know a personal consumer loan is an unsecured loan. You need not put your house as collateral to take such personal loans.

i own a house that sits on 5 acres. I need a loan to fix up house and pay off back bills. my credit score is 600 and i am having trouble getting loan. Can i use my land as collareral to optain the loan

hi rob,

getting a land loan using the land as collateral is almost impossible in this market. lenders have now stopped offering loans against lands. if there is equity in the house, you can go for a home equity loan or do a cash-out refinance to pay off back bills and fix the house. you also need to improve your credit to at least 620 points. a score of 600 is just not enough these days to qualify for any loan.

We owe $74,000. on our first mortgage at 5.5% of which we took out in 2003. We owe over $28,000. on our home equity loan at 8.70% of which we took out two to three years ago. We have about $15,000. in credit card dept of which the interest rate is going up to 11.90% next month. We're thinking about refinancing with our bank. If we refinance the home equity loan we have now and barrow the $15,000., making the total loan amount to be $44,000., our interest rate on the new loan will be slightly lower, 8.54%. The bank told us that we can refi. the first mortgage, the home equity loan and the $15,000., to total $118,000. at an interest rate of 6.29%. It won't be a mortgage loan, it'll be a home equity loan so we'll be responsible for paying the taxes and Ins. at the end of the year. Our original mortgage loan again is right now at 5.5% of which will be paid off if we refi. for the $118,000. There will be no closing costs. The bank said that they cover all the fees. I really need some addvice a.s.a.p as to what to do. I hope I explained all of this so you can understand what I'm talking about. It's a little confusing.
I don't know if paying more interest on the first mortgage loan but less on the equity loan that we already have would be a good idea or not. Any advice would be greatly appreciated.

Hi terri I think you might have posted this somewhere else?

you might want to consider consolidating the credit card debt separately to avoid bank charges.