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How do you turn a loan into what is considered cash for a foreclosed purchase?
Wiki User
∙ 8y ago
This is a very broad question. Here are a couple of general answers.
First you can refinance the home after it has been purchased for a "refi-cash out" loan. Equity in the home can be given to you up front and you just finance the upfront money it into your home loan. This is also done as a second and third lien on your mortgage. There are many loan guidelines for this to happen. You will need lots of equity in the house, along with good credit.
Another way is to buy the home, fix it up and sell for a profit. Could be adding more square foot as well. Pretty general. Just be careful of any prepayments you have on the lien.
Wiki User
∙ 8y ago
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In default 6000 on a home loan can it be foreclosed?
A home can be foreclosed on if the terms of the loan are violated. The amount does not matter.
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
Are mobile homes considered repossessed or foreclosed?
that would depend on whether you own it outright, or it is the subject of a personal loan, or a mortgage.
Can a house be foreclosed on if you have only signed a costruction loan but no final loan aggrement?
The answer is Yes, the construction loan is considered a regular mortgage. So if you stop paying the mortgage, it will forclose and show on your credit report.
How much cash will I need to get my business loan?
This will be based on the type of business loan. In some instances you may not need any cash. For a purchase, you'll need to contribute a portion of the loan amount in cash, and this will commonly be between 10% and 25%.
Where can we get a car loan rates quotes for free?
I recommend roadloans.com. The site allows you to get new and used purchase loans, Refinance loans, a loan for a purchase for an individual, and a cash-back refinance loan.
What do foreclosed mean?
The action taken by a bank or loan company to call in a loan or mortgage.
cash are also considered to be cash advances in ac?
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What words can be used to define a small cash loan?
A small cash loan can be more accurately referred to as a 'payday loan'. This type of loan is given to people who require a small amount of money, such as a few hundred dollars, to make an important purchase or payment. They can also be called 'cash advances'.
What is the portion of a home's purchase price paid in cash and is not part of mortage loan?
It is the deposit.
If a prospective buyer does not have good credit, is it still possible to qualify for a loan on a foreclosed property?
No, you are what your credit score is! You may get a loan with an enormous amount of interest on your loan. Also, a lot of banks that buy out the foreclosures want cash not credit. It depends on the company's policy and if you have a co-signer or not.
What is the portion of a home's purchase price paid in cash and is not part of the mortgage loan?
down payment
