@Anonymous wrote:
so here's the deal. i own a piece of property that i inherited, 20 acres with a 20yr old 2000 sq ft home in need of a almost total rehab. i estimate probably 60-70k in material. i will be doing some of the work but will hire out a lot also. zillow estimates the homes value at 368k, i own it free and clear. now the rough part, me and my wifes credit isn't great at all. my scores are from 535-568 and hers are low 600's. between the two of us we make 100k a yr. is there a bank/mortgage company that will take on this loan? i would think it's a win-win for the lender, we default, they just made a ton of money!
The $368K would be taking into account the value of the 20 acres, right? I would imagine that there are subprime lenders out there who would loan you $50k - $60k using $368K+- property for colateral, but I would fear them if it were me. You will pay a high interest rate for one. Some of them may even hope that you miss payments so that they can foreclose and do exactly what you said, make a ton of money. I would definitely read the fine print about being late at all.
Is there anything else you could do besides a loan for that much? Is any of the acreage farmable that you could lease out for awhile to make extra money? Have you considered selling 5 or 10 of the outer laying acres for cash toward upgrades on the house? (Yeah, I would hate to part with any of the acreage too if that's what you're thinking, but it might be safer?)
Chapter 7 Discharged & Closed Jan 2020
