Posted on: 24th Mar, 2010 01:05 pm
I have a house with loan of $249,000 but the loan is a arm interest only broke into two loans one is 198000 and the other is 47000.
We have updated the kitchen and bathrooms with granite and stainless appliances, tile floors, etc.;
I also have 35 acres of land that has increased in value over the 5 years by 4 times.
How do I get out of my house and get a loan to build a small house on my land with not so good credit (under 600)?? All my CCs are paid off and my car loans are paid off. i have my own company and have always done stated income.
Now what do I do???
I,m afraid that if i sell my house I will not be able to obtain a loan to contruct a house on my land and i will be living in a tent on my land...
Please advise as i fell like im sinking with these two loans and cannot keep going like this.
We have updated the kitchen and bathrooms with granite and stainless appliances, tile floors, etc.;
I also have 35 acres of land that has increased in value over the 5 years by 4 times.
How do I get out of my house and get a loan to build a small house on my land with not so good credit (under 600)?? All my CCs are paid off and my car loans are paid off. i have my own company and have always done stated income.
Now what do I do???
I,m afraid that if i sell my house I will not be able to obtain a loan to contruct a house on my land and i will be living in a tent on my land...
Please advise as i fell like im sinking with these two loans and cannot keep going like this.
Welcome john,
You will have to list the property in the market and check out if you can get buyers for your property. Once you sell off the property, you will have to pay off the mortgage dues in full. If you are unable to pay off the loan in full, it will have a negative impact on your credit report.
If the sale of the property is successful and if you pay off the loan in full, then you would be able to get a construction loan to build a house on your land.
You will have to list the property in the market and check out if you can get buyers for your property. Once you sell off the property, you will have to pay off the mortgage dues in full. If you are unable to pay off the loan in full, it will have a negative impact on your credit report.
If the sale of the property is successful and if you pay off the loan in full, then you would be able to get a construction loan to build a house on your land.