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

Profile picture for keeb3
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.
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1Yes

September 15 2011 - Southfield
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Answers (2)

Profile picture for LUXURY HOME LOANS CA
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
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September 15 2011
Profile picture for Mark Gelbman
Credit aside, if you do not have income, you would not be able to get a home equity loan.
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September 15 2011
 

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