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Guest

I have 17 acres of land for sale. But was told by my banker that I could not use it for collateral because it was part of my homestead but it is not. My house sits on the homestead with 12 acres. The 17 acres are right next to the 12 acres. I own the 17 acres free and clear.

Does anybody know what the laws are that pertain to this situation?

jameshogg · Posted: Sun Mar 22, 2009 9:09 pm Post subject:

Hi samport,

If you own the land free and clear, then I don't think you should face any problem in getting the loan. I would suggest you to contact the lenders and check out the rates and terms available. You can also contact the lenders of this community and seek a no obligation free mortgage consultation from them and get to know the rates you can expect to get.

Thanks

Guest

Are there loans out there for those who own land?I am paying mortgage on a mobule home.I pay $200 a month for lot rent.My mortgage is $450.Can I put my land up for collateral to get enough funds to move my place to my land,grading and s septic system?

savior70 · Posted: Fri Oct 30, 2009 4:34 am Post subject:

Hi,

There are very few lenders who offer loans against land in this depressed economy. If you use both the home and the land as collateral you can find a loan. But it will not be easy to get loan against only the land. You can contact your local lenders to explore possibilities of getting a land loan.

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