Comments on: How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure?

By: Bobbyhaze

Bobbyhaze — Mon, 26 Oct 2009 08:30:09 +0000

It all depends on the difference in the value of the place and the amount owed on the loan – that is what’s considered your equity. Many banks will only loan up to about 80% of the equity, but a few go higher. For example, lets say you owe $50,000, but the place is worth $60,000, then you have $10,000 in equity. Take 80% of that and you have about $8,000 you could loan against.

I found a great article about it on

By: Othniel

Othniel — Mon, 26 Oct 2009 04:57:42 +0000

If you already have a relationship with a lender then approach them and tell them what you want to do with the money. They will more than likely require an appraisal and make a decision based on your credit, income, debt and assets.

By: Holi

Holi — Sat, 24 Oct 2009 03:51:12 +0000

It depends on if you go through a bank or mortgage company. Many mortgage companies are willing to turn it in as soon as the sale is final. Banks generally are more resistent in this type of thing.