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stephen_hollett · Joined: 02 Jan 2010 Posts: 1 1.38 Dollars($)

Hello. My (new) spouse has a piece of property in South Carolina with no mortgage. The property is in need of some renovations, but we are not certain if we can receive enough from a HEL to do all of the work. The tax value of the property is approximately $xK, but we may need between $2xK and $3xK for the renovations.

I am seeking advice on how to get the amount of money needed for the renovations. I am also curious if it is legal and/or logical for my wife to sell me the property (so I have a mortgage at a lower interest rate than an HEL) and then I turn around and put her back on the deed?

Stephen

eric1 · Posted: Sat Jan 02, 2010 11:27 am Post subject:

A couple of things..
1. The tax value is not the actual market value. Lenders use market value to determine the property value.
2. Your wife can refinance the home into a conventional mortgage without getting a Home Equity Line Of Credit or a Home Equity Loan.

cupplesjonathan71 · Joined: 04 Nov 2009 Posts: 82 0.00 Dollars($)

pl specify market value of property. but for sure it is impossible to finance double the amount

gmakerley · Posted: Mon Jan 04, 2010 9:49 am Post subject:

what you may be able to do is worth with a lender who offers a 203k loan program. this depends on the type of property, and it must be owner-occupied. you can get as much as 110% of the "after-value" of the home. by that, i mean what the home will be worth once all work is complete.

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