Posted on: 03rd Jan, 2011 10:34 am
i have a house and 13 acres that are paid for. i have 63 acres that attaches to this that i owe 300k on. i have a 9 percent rate on this loan and want to refinance. my anker says because of the texas laws that i caannot put my 12 acres that i have free and clear up for collateral. if this is true can you give me any ideals on how to get this done. all of the land is in farm use except the house and 1 acre. the 12 acres left over is worth 120k, so i have plenty of equity. thank you fr your time, and i look forward to hearing from you.
Hi randyoneal!
Welcome to forums!
Well, I haven't heard of a law which states that you cannot use your free and clear land as a collateral to get a mortgage. You should contact the other lenders based in Texas and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Well, I haven't heard of a law which states that you cannot use your free and clear land as a collateral to get a mortgage. You should contact the other lenders based in Texas and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane