Posted on: 27th May, 2009 07:45 pm
I currently own a land lot in a subdivision with free and clear title. However it is located in Harvey La. 70058. I have not been help to find a lending institution that will let use it for collateral towards an equity loan. Can you help thanks.
Hi gthompson,
What is your credit score and income? Do you have any other debts? What is your debt to income ratio?
If your credit, income etc are good and you hold the title to the lot free and clear, there should not be any problem in getting an equity loan. However, if you are facing any problem in getting the loan, you can seek a no-obligation free mortgage consultation with the lenders in this community. They will assess your financial situation and will tell you if you qualify for an equity loan. In case you qualify, they will also assist you in getting the loan.
Thanks,
Jerry
What is your credit score and income? Do you have any other debts? What is your debt to income ratio?
If your credit, income etc are good and you hold the title to the lot free and clear, there should not be any problem in getting an equity loan. However, if you are facing any problem in getting the loan, you can seek a no-obligation free mortgage consultation with the lenders in this community. They will assess your financial situation and will tell you if you qualify for an equity loan. In case you qualify, they will also assist you in getting the loan.
Thanks,
Jerry
As mentioned by jerry write specific things while asking query.
very few lenders will entertain the use of raw land as collateral. the risk is too high in these conservative times.
