Use land as collateral for a loan

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Icon Mini Profile hodiassateague




Joined: 02 Nov 2009

Posts: 1

1.30 Dollars($)
PostPosted: Mon Nov 02, 2009 1:58 pm    Post subject: Use land as collateral for a loan

Apparently before the property dead was filed in my name there was a lien on it. They now are trying to execute the lien. I need to know if I can borrow against my property to satisfy this debt. I am a disabled american vet and receive a miltary pension to pay the loan back. I have a mobile home on it and I would like to include that debt to pay it all off is it possible?
Icon Mini Profile Niicss
Niicss



Joined: 03 Oct 2005

Posts: 3255
Location: New Jersey
513.90 Dollars($)
PostPosted: Tue Nov 03, 2009 1:05 am    Post subject:

If there is a lien on the property, then it would be difficult for you to get a mortgage. You will have to satisfy the lien first and then apply for a lien.
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