Newbie Needs Help - Posted by Billy T.

Real Estate Investing
#1

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.

#2

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.