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How Soon Can I Take Out A Home Equity Loan Or Refinance After A Cash Purchase Of A Foreclosure?

Submitted by admin on Monday, 21 September 20093 Comments

The legislature is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I necessity to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I stable paid for it if it appraises higher than 10k, which it will? Thanks for any serve

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3 Comments »

  • Bobbyhaz said:

    It all depends on the difference in the value of the place and the amount owed on the loan – that is what’s considered your equity. Many banks will only loan up to about 80% of the equity, but a few go higher. For example, lets say you owe $50,000, but the place is worth $60,000, then you have $10,000 in equity. Take 80% of that and you have about $8,000 you could loan against.
    I found a great article about it on
    http://loan-modification-help.biz/63ed6e/X01DRF8bF0JFQhpGA05cVwBdH15YBFkQWFtHS1ANCw==/

  • Holi said:

    It depends on if you go through a bank or mortgage company. Many mortgage companies are willing to turn it in as soon as the sale is final. Banks generally are more resistent in this type of thing.

  • Othniel said:

    If you already have a relationship with a lender then approach them and tell them what you want to do with the money. They will more than likely require an appraisal and make a decision based on your credit, income, debt and assets.

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