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Lon using free and clear vacant land as collateral

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jjramey2 Joined: 05 Jun 2010 Posts: 1 1.00 Dollars($)	Posted: Sat Jun 05, 2010 6:55 am    Post subject: Lon using free and clear vacant land as collateral Like 0 Dislike 0 My wife and I own 1.5. acres of land in Pennsylvania. We have mostly been unemployed and owe some back bills totaling about 5,000 dollars. We have poor credit because of the unemployment. We are now working, me two part-time jobs, my wife is now selling insurance. Can we use the land as collateral for a loan?
adonis Joined: 22 Oct 2005 Posts: 10542 Location: ALASKA 1086.66 Dollars($)	Posted: Mon Jun 07, 2010 12:07 am    Post subject: Like 0 Dislike 0 Welcome jjramey, You can use the land as a collateral in order to get a mortgage. However, getting a loan will depend upon your credit score, financial situation and debt to income ratio. If you meet the requirements of the lender, you will be able to get a loan. I would suggest you to contact the local lenders and check out if you can get pre-approved for a mortgage. _________________ Procrastination is the enemy of your financial success

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