HavasuDC, Home Owner in Lake Havasu City, AZ

Second mortgage/home equity loan....My mortgage is only $118,000

Asked by HavasuDC, Lake Havasu City, AZ Wed May 9, 2012

Our rental went nto foreclosure, investers bought it, my father in law paid cash to buy it from them. We then signed a purchase agreement to buy it from him. So he is our lender(unofficially) We had paperwork done up through a real estate attorney, and it was registered in our name with the county recorder, with a deed of trust listing him as beneficiary. All that said, we did not attempt to get a conventional loan to purchase it ourselves becuase i have bad credit from a divorce, and my wife has a low score(615'ish). Our mortgage is only $688, which is less than what we were paying in rent. My wife makes $45k a year, and i make around $20K. We would like to get a home equity loan, or a second mortgage, (i think they are basically the same) to make some improvements and put in a swimming pool for the kids. Does this sound feasible given the information provided? Please give me some advice. Thank you very much for taking the time to read this.

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Brenda and Willie Gonzalez’s answer
Your best bet is to speak to a lender about this. The rules for home equity lines have been tightened. We have a lot of really good ones in Havasu and they can all tell you the qualifications.
Best of Luck in your efforts.
0 votes Thank Flag Link Wed May 9, 2012
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