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I purchased a foreclosed property cash, I am unemployed and need money, is a Heloc my best option?

I have equity in a european property (about $170K) and a classic car (in the USA) that I could sell ($50K) if I had money to get it out of storage. Any suggestions?? My credit score is probably awful. Since returning to the USA (2010) after many years in Europe I have paid cash for my house, my vehicle, home remodelling etc. I am a us Citizen and I am actively seeking employment.
  • September 15 2011 - Southfield
  • 1Yes

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Answers (2)

Without employment or passive income your only option is private money. They usually will lend to 60% LTV. Rates will be somewhere between 9% to 12%.

Best wishes, Rudi
  • September 15 2011
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Credit aside, if you do not have income, you would not be able to get a home equity loan.
  • September 15 2011
  • 1Yes

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