How to borrowmoney out of my home?(please help) - Posted by George

Posted by GL on December 04, 2001 at 21:46:11:

This is a tough one. You may be able to find a hard money lender but get set to pay through the nose.

I suggest when you go to buy a property, you offer to give the sellers a mortgage on your own home. Some people will do this where they will not take a mortgage on the home they are selling. They think if it’s your home you will always make the payment even if you can’t pay on your rentals.

I know of one guy who did this 4 times. The last time it was mortgaged for way more than it was worth. He made sure the guy taking the mortgage knew this, so he could not be accused of fraud later. He even asked the guy why he went for it instead of putting a mortgage on the house he was selling and he said “I don’t ever want that house back”.

How to borrowmoney out of my home?(please help) - Posted by George

Posted by George on December 04, 2001 at 11:04:43:

I recently purchased a 14*76 1996 3br/2ba .64 acres from my credit union. I paid 12,000 for it. The tax accessor office value is 38,000. What different options do I have to borrow money out of it to do more deals. I have bad credit, and no proof of income. I’m from South Carolina.