My friend is in need of some finances and she wanted to use her house as collateral to apply for a loan
2007-03-26 06:59:26 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Dont do it, you will regret it later
2007-03-26 09:05:52 · answer #1 · answered by skcs11 7 · 0⤊ 0⤋
What does owning your home have to do with arranging a loan against it. The only worry should be if you default on the loan but there are remedies for this as well that prevent loss of the home.Thousands do it quite regularly and hopefully, most of those who do, know the facts and all the issues surrounding what they are doing as well as the consequences.
2007-03-26 14:04:52 · answer #2 · answered by Ted 6 · 0⤊ 0⤋
Has your friend looked into refinancing her home to recieve cashout? I'm a loan officer and typically that's the best and safest way to recieve funds. Most people tend to take out personal loans which is fine but they tend to have a much higher interest rate. Hope that helps!
2007-03-26 14:06:06 · answer #3 · answered by theHOCK 3 · 0⤊ 0⤋
Sounds like she wants to get a home equity line of credit...is that what you are aksing about? So long as she shwos equity in the property she can pull upto 90% of it....
Otherwise, she can try and get an unsecured loan with for example, CitiFinancial
2007-03-26 14:10:32 · answer #4 · answered by boston857 5 · 0⤊ 0⤋
Don't do it. Can't repay=lose your house.
2007-03-26 18:37:35 · answer #5 · answered by Cardinal Rule 3 · 0⤊ 0⤋
no no no
2007-03-26 14:01:46 · answer #6 · answered by gsxr650 3 · 0⤊ 0⤋