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kkonell · Joined: 01 Aug 2009 Posts: 1 1.69 Dollars($)

I own a lot in a sub-division free and clear, and I own a rental home free and clear, as well as my own home which is worth about $350,000 and only owe about $100,000 on it. My ex-husband has to pay it off within a year.
Here's my problem, I lost my job and am completely broke, I want to start a home business and I want to develop the lot I own, both of which would hopefully get some money coming in. My credit score is terrible also. Can I get anyone to loan me some money to start these things with my credit score so bad and no job? I figured that since I have quite a bit of collateral that somebody would. I just don't know where to look and what to look for.
Kim

jerry · Posted: Sat Aug 01, 2009 5:52 am Post subject:

Hi kkonell,

There are not too many lenders who offer land loans in this economy. Very few lenders would give you loan using your land as collateral.

If you need to pay off the existing loan and at the same time, need some money for your home business, a cash-out refinance could be the solution for you. Your home is worth $350,000 and monney owed on it is $100,000. So, there's enough equity in the home to do a cash-out refinance. But with bad credit score and no job, you will not be able to qualify for a refinance. How bad is your credit? Is there any hope of improving it to at least 620 points in a few months' time?

Thanks,

Jerry

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Can I get a land loan using house for collateral?