Re: PLEASE HELP!..need to save my house! - Posted by B.L.Renfrow
Posted by B.L.Renfrow on September 14, 2003 at 09:00:45:
As to whether you could get a home equity loan, I would think that would be more affected by your “terrible” credit score than by title being held in a land trust. Of course, none of know what you mean by “terrible.” Why not contact a good mortgage broker or some lenders, have them pull your credit and tell you whether or not that is realistic?
Even if your credit isn’t as bad as you think, a lot depends on the numbers. You say the property is worth $130-150k ARV (that’s quite a range). But what is it worth in its’ present condition? That’s what a lender would look at.
I take it from your post you were able to pay the county taxes on the house of $10k, but you do not have the $3500 to pay the school taxes on the additional lots. Is this correct?
If so, and since you want to keep the house, you could consider selling off the additional lots. You say you’d like to keep them, but that may not be the best choice. Or since you say they are wooded, can you sell off some timber to raise the money?