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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?

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ely!

Welcome to forums!

Once you become the owner of the land, you will be able to use it as a collateral in order to get a construction loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 10/29/2012 - 23:30 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi I am in desperate need for a house for my family and I have 2 ac. in texas that I can use as collateral but I need to know if it is possible with poor credit and not a long job reference. Would it even be possible to purchase a mobile home? Or would I need to get my credit fixed first??

Like | Dislike | Share | Posted: Sun, 03/18/2012 - 23:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for your answer. I am glad your forum is here.

Like | Dislike | Share | Posted: Tue, 10/30/2012 - 05:44 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You're welcome, Ely K!! :)

Like | Dislike | Share | Posted: Tue, 10/30/2012 - 23:22 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello fablegerm,

Yes you can use land as collateral for a loan. 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

Like | Dislike | Share | Posted: Tue, 01/02/2007 - 10:16 | Post subject:

fablegerm's picture
fablegerm | Joined: January 2, 2007 05:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Tue, 01/02/2007 - 10:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fable,

Yes, you can use land as collateral for a loan. 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.

Like | Dislike | Share | Posted: Tue, 01/02/2007 - 10:37 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fable and Brock,

Welcome to our community. :)

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

Like | Dislike | Share | Posted: Tue, 01/02/2007 - 21:30 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Tue, 01/02/2007 - 22:33 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Wed, 01/03/2007 - 03:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Wed, 05/07/2008 - 15:14 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi shasta,

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

Like | Dislike | Share | Posted: Thu, 05/08/2008 - 02:31 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Thu, 05/08/2008 - 06:15 | Post subject:

cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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! :D

Like | Dislike | Share | Posted: Thu, 05/08/2008 - 12:41 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 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

Like | Dislike | Share | Posted: Thu, 05/08/2008 - 22:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Sat, 08/16/2008 - 14:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Sun, 08/17/2008 - 14:00 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Mon, 08/18/2008 - 07:18 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I have been reading a few of the postings and see alot of great information. However, we have 75.67 acres of land my husband inherited from his father free and clear. There are no leins on this land. We are wanting to get cash out of the land to consolidate other debts we have. Is this possible and if so, who can we contact? Credit is not perfect, but it is not poor either...All help is greatly apprecated.

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 14:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sorry, forgot to mention that the land is in Texas.

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 14:06 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Hannah,

Getting loan against raw land is possible. But it is difficult to get in this market. There are not many lenders who offer land loans these days. Moreover, you have to have a very good credit score to qualify for this type of loans. What is your credit score?

Like | Dislike | Share | Posted: Fri, 06/12/2009 - 02:13 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 1.5 aceres with H20,Ele.&septic.. Worth 28,000 I would like to get 10,000. on a loan...

Like | Dislike | Share | Posted: Sat, 07/18/2009 - 15:23 | Post subject:

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