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fablegerm · Joined: 02 Jan 2007 Posts: 2 2.40 Dollars($)

I inherited a piece of land from my parents. The land is an empty lot in a sub-division. I own the land free and clear. I would like to use the land as collateral for a loan. How can I do this and wqho can I contact?

Guest

Hello fablegerm,
Yes you are able to use the land as collateral. There are many mortgage companies/banks that can pull cash out using a lot loan, home equity line of credit (HELOC) or other specialty loans. What state is the property located in would be my first question and how much are you looking to pull out compared to the value of the land?

Brock Gratton
themortgageskinny.com

fablegerm · Joined: 02 Jan 2007 Posts: 2 2.40 Dollars($)

Well, the land is located in TX. It was appraised at 12,070, and I am looking to borrow 5,000.

Guest

Hi Fable,

Yes empty lot can be used as collateral. As you have the ownership of the land free of any liens there will not be much problem getting a loan.

But you will have to contact few lenders before selecting any particular lender and compare the rates they are offering.

Jessica · Posted: Tue Jan 02, 2007 10:30 pm Post subject: RE: welcome message

Hi Fable and Brock,

Welcome to our community. Smile

Thanks for sharing your knowledge Brock. I have also gone through your site and it seems interesting.

Hope you enjoy visiting the community forums.

Regards,

Jessica

adonis · Posted: Tue Jan 02, 2007 11:33 pm Post subject:

Welcome Fable.

You can use the land as collateral if you are interested to take a mortgage loan. You need to contact lenders and shop for a suitable loan that will suit your budget.

Caron · Posted: Wed Jan 03, 2007 4:16 am Post subject: RE: contact community lenders

Hi Fable,

You may contact any of the lenders in our Community. They provide various loan programs which require the land as collateral. Just Request for Free Consultation and provide the minimum details.

We shall forward your request to our community lenders and they shall contact you if their profile matches with your requirements.

Do let us know if you have further queries.

Thanks,

Caron.

Guest

I have 6 ac. of land in tx. What is needed, besides the deed, to get a loan fast?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi shasta,

Are you willing to use a vacant land as collateral to get the loan?

Jessica

Well as far as I understand, the land should be free of liens. Or else lenders won't agree to provide a loan on it. You need to have proofs of your income (pay stubs for the past 2 months) and a copy of your credit report so that the lender can check them before you get pre-qualified. Tax returns for the past 2 years should be there to show that you have been a responsible tax payer.

You should have documents to prove your assets (original bank statements, listing of saving bonds etc) and source of down payment, if any.

Regards,

Jessica.

cliff3 · Posted: Thu May 08, 2008 12:41 pm Post subject:

Jessica pretty much laid it out for you Shasta. All I would ad is to visit a mortgage bank. The reason being they can typically do a loan faster that a loan officer or broker because they underwrite (e.g. they use thier own money) the loans themselves. Another quick route which I do not recommend unless you are desperate is a hard money loan. They do not check your credit at all they just varify the value of the land and typcially will lend 70% of the value.

Hope this helps and welcome this seems to be a great community! Very Happy

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Cliff,

Welcome to the forum.

I have seen some of your posts and it seems you are knowledgeable and have experience in this industry. Why do not you introduce yourself and let the community know about yourself at http://www.mortgagefit.com/introduce-yourself.html

Hope you will enjoy participating and helping people in this forum.

Best of luck,
Larry

Guest

NEED 10000 TO MAKE EXTRA IMPROVEMENT TO MY HOME FOR, TO START MMRD PROGRAM

Guest

I have 3 acres of land that I am trying to use as ccollateral for an emergency loan located in Alabama

Niicss · Posted: Mon Aug 18, 2008 7:18 am Post subject:

Welcome MALCOLM and Wilma.

Whether you can get the loan or not depends on your credit and source of income. So if you have a good credit and income and also enough equity then you can get it with ease. By the way, have you contacted with any lender yet? You can go for no-obligation free mortgage quote from the community lenders. Hope it helps. Let me know if you have any further queries.

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