Posted on: 12th Apr, 2010 04:15 am
my husband and i would love to buy this particular piece of hunting property. we have always admired it but never in a million years thought it would come up for sale. we only owe 76500 on our house and it appraisd out for 105000 just in the last 3 months. we have a van loan but we only owe 8000 on it and kbb is 20000 resale right now. we own free and clear a truck and avalon as well. we don't want to sell our home, but would love to purchase the land. we only have around 3000 in the savings right now. i have called several places and no one will loan money on raw land without a minimum of 20% down. is there a way we can get a consolidation loan with someone, (banks won't do it), to refinance the home, payoff the remaining balance on the van and incorporate the purchase of the land? we can most definately handle the payment, it's just getting the initial loan.
sheenasmom, your predicament is that you would be forced to deal with, predominantly, those who are known as hard-money lenders. generally, they're able to offer exorbitant rates to people in such a situation as yours because of the desperation you feel when talking to the regular lending market. you can, perhaps, get referrals from some of the lenders you may have already spoken with, or you can do an internet search for lenders who might work with you.
it's a difficult situation to be in, but it's the way things are in this new century of ours, i'm afraid.
it's a difficult situation to be in, but it's the way things are in this new century of ours, i'm afraid.