topic Paying off land contract in Personal Finance

Paying off land contract

ktl72455 — Wed, 03 Jun 2020 10:34:16 GMT

My land contract holder has decided in the mist of current world conditions he is not going to extend me out 2 more yrs.

Balance is due by 7/30/2020

94,000.00 I raise and sell lab pups and have rentals. I will have all but 8,000.00 of it. I will have that 8/3/2020 but he refuses to extend that far. Looking at Lightstream personal loan( pre-qualified today 6% 15,000.00) or NFCU personal loan or langley CC or LOC

My over all UTL is 37% Clean reports

Fico scores EQ 746 TU 730 EX 720

I am waiting for Citi to update score from 4/21 and will try for CLI..sits at EQ bank card 8 732

nfcu	17800	8994	50.5%
care credit	12000	$7,178.98	59.8%
discover	6000	20.83	0.3%
finger hutt	1350	0	0.0%
cr1	1750	31.32	1.8%
nfcu	18500	11,539.04	62.4%
citi	6700	65.29	1.0%
lowes	400	0	0.0%
ppc	4896	0	0.0%
cap 1	3500	0	0.0%
orchard	400	0	0.0%
cr2	1450	15.4	1.1%
self lender	1000	JUST PAID OFF
	$74,746.00	27844.86	37.3%

Working on Now

NFCU pay off balance of 8994.00

Get care credit 48%

Drop 2nd NFCU below 48% ??????? or pay off???

Citi.. pay off

year to date( 5/31) bank statement income from puppy sales 84,000.00

Anything you can see that will prevent me from being approved Mid June after 2nd NFCU reports?

I thought about paying the 2nd NFCU off as well.. worse case I can take a cash advance.

Going traditional route for mortgage wont work at the moment ... real long story ..

Give me pointers,,, good bad ugly...

I also got my app for Unify to become a member in the mail and will be sending it back out.

Re: Paying off land contract

ChazzieT — Wed, 03 Jun 2020 03:54:08 GMT

Have you thought about a HELOC? What's your current equity in the land?

Re: Paying off land contract

ktl72455 — Thu, 04 Jun 2020 22:12:05 GMT

@ChazzieT wrote:
Have you thought about a HELOC? What's your current equity in the land?

land is 234,000 ,, going the HELOC lines me right back up with haveing to provide basically the same applying for a mortgage, 2 yrs taxes, rental contracts, land contracts, and names/ph numbers etc , copy of bank statements where payments been made, so a few were made in cash.. I have a recipt from bank, not good enough.. 1 property I am buying and have rented out, owner is all strung out on meth and is no help and MIA most times. I have a attorney working on that project!

For what small amount of cash I will need I am going to go through lightstream for a personal loan.
already pre-qualified, but I wanted to get my NFCU down to zero incase they pull TU instead EQ.
UTL was 37% now will be 25% but Im not sure if I need to get it lower or if 25% will be ok.
Local CRU for personal loan.. they pull TU
Langley for a CC or LOC or both ,,, they pull EQ8
Im open for suggestions!