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home equity

Date: Tue, 05/31/2005 - 17:36

Submitted by anonymous
on Tue, 05/31/2005 - 17:36

Posts: 202330 Credits: [Donate]

Total Replies: 2

home equity


I have one property worth $115000 and the mortgage owe $69000 and have a home equity loan of $20000. Can I apply for another loan over this property? ($30000 more or less)


Hi Jesus Mora

Welcome to the forums. Before you look for any other loan, please make sure that you have all measures to pay them back. Otherwise, you will be in the risk of losing your home.

The company offering you any loan will be judging your credit worthiness and depending upon that, they will grant you a loan.

Please let us know your feedback and your active participation in the forum will be appreciable.

Regards
Roxette


lrhall41

Submitted by roxette on Tue, 05/31/2005 - 17:53

( Posts: 4009 | Credits: )


Hi jesus mora,
Welcome to the forums.

From the information you have provided, it is clear that you have already taken a second mortgage. The only option that is available to you right now is re-mortgage. But for obtaining a re-mortgage loan you have to clear off the first mortgage loan.

Therefore, if you can provide me with detailed information about your repayment schedule, then I will be better equipped to give you an answer. For the time being, however, you cannot apply for a loan.

Hope to hear from you very soon

Regards,
Peter


lrhall41

Submitted by peter on Wed, 06/01/2005 - 02:11

( Posts: 285 | Credits: )