Newbie Needs Help - Posted by Billy T.

Posted by GL(ON) on January 30, 2002 at 19:38:03:

If you are laid off and your credit is bad you probably can’t get a loan. Not at 6% for 15 years that’s for sure.

If you did get a loan, the title company or lawyers would handle it. The bank making the loan would write a check to go to the previous owner and pay him off. You would get the change, then your title company or lawyer would charge you for their fee and expenses.

Newbie Needs Help - Posted by Billy T.

Posted by Billy T. on January 29, 2002 at 20:14:13:

I need some help on how to get some of my equity out of my home. I purchased this home about 3 years ago. We bought it for 40k at 6% for 15 years and the owner financed the property.

Since interest rates are low I need to get some equity out of the home for various reasons. Homes in the area are selling between 76K to 80k. I was told that I could use a Quit Claim Deed then go to my credit union and they would lend met 60% to 65% of what the home is worth. Then I could pay off the owner and what would be left over would be mine to keep.

My problems or questions are:

  1. Will the credit union deal with me if my credit is bad?
  2. Will the credit union deal with me since I have been laid off?
  3. What paperwork and how do I need to go about doing this if the answer to questions 1 & 2 are yes.
  4. If not, what kind of lender or where could I go to get this done?

Any feedback would be greatly appreciated.

Thank You,

Billy T.