EQUITY

you are saying your home is only worth $2000.00? Do you have a mortgage? $2000.00 doesn't sound like very much for a home? And yes if you borrow the money from the bank you would need to pay them back. Without a job you would not be able to borrow the equity from the bank...
Barbara

Call the bank, the lender and/or your broker and ask them how this will work and if it will work. Find out what the terms would be and how much real equity you have. They may have a program that you are not aware of that will help you by reducing your payments. Who knows? Ask the professionals involved is my suggestion.Please let us know what they say.

Michael Mangham
MD Home Acquisitions LLC

I still owe 36,000,but have 2,000 in equity,so I just cant get my own equity out.

Thanks for the info! I will talk next week to my lender,and let you know how it goes.

Michael, this is good you are already looking at options. $2000 is not probably enough, especially when banks will only finance about 80% of the appraised value. How did you come up with this $2000 equity value? the appraisal should be able to give you how much the property is really worth. Also, when you get a line of credit on your home, there will be fees you will have to pay, i.e. appraisal, title search, filing fees, bank fees, etc so you need to think about this and your bank can give you an estimate on the charges too.

hope this helps and good luck!

yes to your ??'s

what do you want to cash for--there may be other ways to get what you need.

Thanks for the great info!I went to my lender quite awhile back for something else,and I asked him how much equity it had in it,he said 2,000.But I was thinking it apprasied for 55,000,I 0we 36,000,so how did he come up with 2,000?

To pays my bills for this month,my bills are going to start piling up on me.