i have a older home with a value of 250,000 can i get a 2nd motage or home equity loan using just the land part of the property?
128344
You can if the title to the land is separate from the house.  But I suspect the title is for the combined land and house, so you can't.  Why would you want to do this anyway?
263002
you must have a survey on the part you wish to deed to them. Have that recorded in the court house. Then it will be given a leagal discription. If the land has any mortgage on it at this time you must get a partial release from the current lender. Once all of this is done you can quit claim the property or sell it to them. A title conpany can do all the paper work and filing for you. You have to get the survey yourself.
89440
List it yourself and try to sell it that way. If that fails you can always seek the assist of a realtor.
342313
i currently work in loans at a bank, and along with her mortgage she can also get a home equity if she has equity in her home, buying for less than the property value, also need to check for covenants to add on to her home, there are lots of options out there, maybe she needs to get a second opinion from another bank not involved if the current one doesn't want to help. good luck!
597899
What you are speaking of in the terms of owner financing is when you sell your house to someone and you become the bank.\n\nNow if you want to do something like this, you sell the property to the buyers find a closing agent, transfer the title and have a closing. The buyers then would pay you monthly payments. If what you owe on the first mortgage is the sales price then you will simple be the middle man between the mortgage company and the new owners.  \n\nIf the first mortgage is not the sale price, there is additional amount to be paid you have to establish a 2nd mortgag in your name. It would work something like this.  The first mortgage is \n$150,000, but the value of the property is $175,000. You would have a second mortgage of the difference of the first mortgage and the sale price, in the illustration it would be a $25,000 second in your favor.\n\nYou would figure out the payment on the 2nd mortgage add it to the first mortgage and that would be their monthly payment to you. This transaction is called a wrap around deed or an all inclusive deed of trust.\n\nIn this scenario, you would have to foreclose on the property if they fail to make the monthly payments to you.\n\nWhat you are getting into is more or less a lease with an option, or a land contract. You indicated you wanted to keep the deed in you name and kick them out if they fail to pay.\n\nYou have to figure out the best method you feel comfortable with.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
557813
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect
525590
Depending on the value of your current property and the outstanding balance you maybe able to borrow on your existing mortgage.
228690
To be honest, the cost of manufactured homes have increased so much, you might find a better deal on an existing house. Unless , of course, you already have some land you were going to move on to.
52628
Since you have another on the deed, you probably will need them involved. You can probably get a home equity line of credit with your exixting mortgagor for 80% of the balance your property is worth, with the other person's approval. Try getting a credit card that will give you checks, if you don't want the other party to have knowledge. If your credit is good, it won't be an issue. Check your existing credit, close out unused lines of credit, you are entilted to one free credit report annually. try the link below.You may need more than one credit card to get the amount of cash you want. There may be fees involved too. Do you have access to a credit union or bank? Personal loans are also higher in interest rate. If you are retired you may want to look at your other assetts:  401 k, IRA, pension, etc.
677296
You could try to get the owners of the property to sell to you on a lease option for say 2 years, and lets say that you pay 500 a month, with 500 down, then you would have control of the property and you could do your fix-ups or rent it out and collect the rent.( Be sure and include that in the offer that you can rent the property out) You should be able to get a 2nd mortgage to do your rehabs, (most banks would want to be in 1st position and the owner would hold the 2nd mortgage) If you have control of the property it makes thing alot easier, check out a mortgage broker they can usually find something. I currently use GMAC mortgage and they found a place that we only need 5% down on investment property. Good luck!
298199
You can purchase a mobile home from a company like Palm Harbor Homes and they will get you financed for a land home package with no money down.  I am buying one and yes your family will have plenty of room.  You can get a three bedroom for about 60000, and I dont know how much land you want  or where you live but you can do it.  My problem is getting financed for land by itself they always want 25% down any suggestions?
244971
Of course you can, provided you can demonstrate your ability to repay the loan, i.e., make the loan payments above your existing obligations. You may be able to get up to the maximum debt-to-equity ratio allowed by the lender and also based on the updated appraisal value of your real property.\n\nIt would be easier to get loan approval if you had it already rented on a long-term lease, which will be the source of your repayment for the Equity Loan.\n\nAnother factor considered by the lender would be the purpose of the loan proceeds, depending on their prevailing policies. Be sure to deal with the more reputable commercial or mortgage banks and avoid going to "hard money" lenders.\n\nGood luck!
583199
if you can find a lender\nthe problem is you already have a lien on your property from first mortgage \nand in case of foreclosure the first mortgage holder  could sell for what is owing and the other company would get nothing as they are the second lien holder
179740
What you may want to do is sell the 1/2 acre and use the funds for upgrading the rest of your property. If your property is worth that much I would sell it myself and keep the commission you would waste on using a Realtor. Use only the cash you need at that moment and split the rest into 2 to 4 pieces and put the cash in separate 6 and 12 month CD's That way as you need cash you should have CD's mature and you can at that time decide to roll it over or cash it out if you need it. WHY BE A SUCKER TO THE BANKING INDUSTRY.
540806
This is a tricky one.\n\nYou would pay capital gains taxes on the difference between the sale price and the basis.  The basis would include the original cost plus any improvements.  The property taxes were probably deducted each year so you can not add those to the basis.  You may get a "stepped-up" basis for half of the land based on the fair market value of land on the date of his death.\n\nIt is time to see a professional.  I would not attempt this on your own.
255738
-owning the lot, paid for is like having 30,000 in a savings account--it is an asset you own..if you need 200 K for a mortgage, then you must be able to qualify for a mtg of that amt.--owning the land does not reduce the amt needed to build the house-- remember, the most important thing is to be able to qualify for a mtg of $ 200 K by having good credit, other assets, like savings or stocks or bonds and are you building the home yourself-will it be worth 100K more than your cost to build it?? that will be help-full-- since it will give you 100 K equity in the home and make a 200 K mtg easier to obtain if you have 100K equity in the home- talk to a mtg broker or a savings & loan in your area to get some answers !! good luck to you..
225275
I WOULD TRY AND INVEST IT. POSSIBLY TRY AND GET REALESTATE PROPERTY. I WOULD WANT TO SEE WHAT REALESTATE  THE GOV. HAD FOR SALE. FORCLOSURES GOOD DEALS ON THAT KIND OF LAND