Can I get a home equity loan when I have liens on my property, a large enough loan to pay off the liens plus the balance owed on the property?
2006-10-07 05:05:30 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Sure, you can do it because you have to disclose those liens on your application anyway.
2006-10-07 08:07:38 · answer #1 · answered by Mike S 7 · 0⤊ 0⤋
Most banks will not take a position as a secondary lien holder (which means you already have a mortgage and line/loan on the house) unless it is the bank where you have your mortgage. This is because if the home is repossessed, the secondary lien holders lose the money they lent you. You can however refinance all into one type of loan - so long as your debt to income ratios do not exceed the standard 45%. Some banks won't lend past the 80% of home value either.
2006-10-07 05:38:32 · answer #2 · answered by MissLazy 2 · 0⤊ 0⤋
It depends on the total amount of the liens and balance owed, and your credit rating. But if liens plus balance total is high, probably not.
Check with a couple banks or other lenders and ask. If their rates are higher than your mortgate, you don't want to roll that into a new loan.
2006-10-07 05:18:25 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Most banks won't touch it. The fact that you have a lien against the property tells them that you are in deep debt with someone else. Trying to refinance at this point and time would be useless.
2006-10-07 05:46:44 · answer #4 · answered by shai 2 · 0⤊ 0⤋
i'm no longer contained in the actual materials/Banking international yet I do very own a house and rea ding your difficulty I do sense which you will get authorized for a 2d own loan. Your debt to earnings is low in accordance to the records which you gave so this would desire to teach some creditablity on your behalf and get your authorized. With the detrimental credit - the activity value may be a sprint greater. maximum suitable of success
2016-10-02 01:09:31 · answer #5 · answered by ? 4 · 0⤊ 0⤋
It can be dun but you'll have to include it in the conditions of the loan. The lender may issue separate checks to you & the leanholders to insure that there paid & the property is clear.
2006-10-07 06:16:56 · answer #6 · answered by Ellen 3 · 0⤊ 0⤋
I depends on a few things but that is called refinancing. Depending on which state you are in I could give you the name of a company and a contact if you would like.
2006-10-07 05:26:12 · answer #7 · answered by rimoneyman 2 · 0⤊ 0⤋
contact J O he is listed on Answers as J O he can help you with this one.
2006-10-07 05:28:52 · answer #8 · answered by Luckys Charm 4 · 0⤊ 0⤋
I found lots of good information here.
2006-10-07 20:00:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋