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