Financing in Alhambra>Question Details

Nla, Other/Just Looking in Alhambra, CA

My husband and I have a $200,000 remodeling project we'd like to go forth with. Problem is there's not enough equity. How do we get a loan?

Asked by Nla, Alhambra, CA Mon Aug 30, 2010

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2
Hi Nla,

What you basing your equity position on; the current value or the projected value once completed?
0 votes Thank Flag Link Wed Sep 1, 2010
Hmm, why would you want to remodel something that has no value? It will be impossible to get a 2nd loan because nobody does 125% LTV loans. What I would do is keep your home how it is, or short sale it and rent a home that has some of the remodeled features you are looking for.
Web Reference: http://www.mygpsagent.com
0 votes Thank Flag Link Mon Aug 30, 2010
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