2007-03-26 06:14:12 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes you do. You can not use someone else's property as collateral.
2007-03-26 06:19:29 · answer #1 · answered by Stephen F 2 · 0⤊ 0⤋
Yes and No. If you are looking for a mortgage encumbered the by the real property, then yes, you have to be the owner of record unless you have a POA to sign on behalf. However, if you have sold a property under a land contract, you can actually use the note receivable from the contracts as collateral w/out the real property. You would however, have to assign the note to the lender.........but this is for only short term facilities and typically with maturity that does not exceed the note....so good for a line of credit, for example....
2007-03-26 13:46:30 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
You need to have equity in the home.....and so of course, it cannot be a rental -- but it does not have to be paid off. See a local S&L institution for equity home loan requirements (or similar).
2007-03-26 14:17:19 · answer #3 · answered by C. M. 1 · 0⤊ 0⤋