What Are My Chances?
I just purchased a home preforeclosure(by 1 day) from the second and reinstated the loan to stop the 1st from foreclosing. The original home owner lost the property earlier this year. What are my chances of getting a home equity line of credit on this house. There is roughly 100k that is still owed and the house is worth 160. I applied online and have already been approved for 152 and the closing is scheduled in 2 weeks. They have already run my credit and had two questions about pre existing loans. My intention is to pay off the 1st and take advantage of the low rate, 3.95%. Any comments?
Sounds like I should be the one asking
you questions. It appears that you have everything under control. I don't understand. What's your question?
Sammy V,
I agree.
John (LV)
My question is, Will the Mortgage company not lend me the money since there is already a lein on the property, even though it is not in my name? If they searc just my info, they won't find anything, if they do a title search it should turn up an outstanding lein...
They should simply want the lien payed off from the proceeds of the loan.