Posted on: 17th Jun, 2011 05:39 am
I would then Pay my parents the $140 and they would qit claim the property back to me and turn over the $140k to me for payment of my debt. I would make payment to the bank until I could sell the property and pay the loan off in full.
If this an option? Currently the banks do not want to give me a Cash out loan on Vacant Property even though I have a credit score of 700+. They will however, allow me to purchace land from a seller!
Or if you know of an agendy that specializes in cash out of debt free vacant property I would be very grateful for advice.
If this an option? Currently the banks do not want to give me a Cash out loan on Vacant Property even though I have a credit score of 700+. They will however, allow me to purchace land from a seller!
Or if you know of an agendy that specializes in cash out of debt free vacant property I would be very grateful for advice.
You probably would not want to venture into real estate fraud, or bank fraud. I would not recommend what you suggested. I would try to contact a private lender or hard money lender. Your other option would be to call a small local bank. You need a lender who lends their own cash, such as the ones above.