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Profile picture for jenykh80

Can you get any kind of loan that will take care of personal debt if the home is priced low enough?

I found a foreclosure that is priced 44000 less than the appraisal.  I have just under 40000 in personal debt.  Is there any way to combine the two?
  • January 12 2009 - Raleigh
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Answers (4)

Profile picture for First Community Mtg
only hope would be to take out a heloc after closing   
        
  • January 19 2009
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No
  • January 13 2009
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No, you will not be able to roll any debt into a mortgage on a purchase or take any cash out. Your mortgage will be based on the lessor of the sales price or the appraisal. If you purchase a home for $44,000 less than the appraisal, then you will have $44,000 instant equity in the home the day you move in.
  • January 13 2009
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Profile picture for Mr Caveat
i would be shocked to find out that someone was willing to give you a loan for the original actually. well not shocked, banks apparently like to roll the dice.
  • January 12 2009
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