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Profile picture for Fullmoonfarm

Is it possible to take a home equity loan on a land contract property?

LC Balance: $22k

Market value: $36k


Credit score: 600
  • November 02 2010 - Romulus
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    0Yes

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Answers (4)

Profile picture for Fullmoonfarm
Thank you for the responses -



I have a follow up question:



Is it possible to refinance this home when I had a short sale on a different home 4 months ago?
  • November 02 2010
  • 0Yes

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I am assuming for land contract that you bought the home under a land contract. If this is the case, then you really do not have title to the property and cannot get a home equity loan. You would need to refinance the home into your name, pay off the land contract note and either get the home equity with the refinance, or as a seperate transaction.

If the land contract is on just land, without a home on it, then no, you cannot get a home equity loan.

Mark
  • November 02 2010
  • 0Yes

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Profile picture for Fullmoonfarm
There is a home on the property and I reside here.
  • November 02 2010
  • 0Yes

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Profile picture for doralgate
I think if you read your question you'll have your answer. It'll be hard to borrow money on a home if there is no home on the land. That said there are probably options for something like this out there.
  • November 02 2010
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