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i have rite at 5 acres and have a loan already on it i have paid back 15,000 o the loan and i am in a bind and need the 15,000 how can i re-borrow again my land - i hve approx 25,000 left on the 1st note.

jameshogg · Posted: Fri Jul 16, 2010 9:38 pm Post subject:

Hi KAT,

I hope you've equity in your property. You can take out a second mortgage against your property equal to the value of equity that you've in your property. However, if there's no equity in your property, lender's won't be ready to give you a second mortgage.

Thanks

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