can I find somewhere where I can get a motorcycle title loan so I have down payment on home.?

Asked by Rbarden28, Elkhart County, IN Sun Aug 21, 2011

I have a chance to get a land contract but they want around 3000.00 for a down payment. I can come up with some of it but not that much. I want this house real bad and it would be great if someone could help. thank you.

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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Aug 22, 2011
Make sure you understand how the land contract works, it is not the same as an outright purchase. You do not receive title to the property so it is possible you could be hurt if the owner takes a fall. A deed with a lien is stronger on your side, but still has some risk. My guess is the current owner owes something against the house and does not want to record the land contract because of a due on sale clause in their current mortgage. If that is the case your risk level jumps dramatically. If they currently own the property free and clear your risk level decreases and eliminates the issue with recording the land contract. In order to put it to record it must be signed in front of a notary.

As for your question, check with a local credit union about a loan on your bike.
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Sarah Klamm, Agent, Wellsville, KS
Sun Aug 21, 2011
To be safe...sell the motorcycle if you want to use the money as a down payment. Title loans charge crazy amounts of interest and this type of situation could put your newly purchased property at risk.
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