Health, Wealth, Happiness

Question by Michael: What kind of loan can I get from residential real estate property that I’m making payments on?
I’m new to loans, but wanted to know that if I were to take over residential real estate property by means of auction, etc., and make monthly payments on it, could I use that property to obtain an equity loan, mortgage loan, or some sort of collateral loan?

Best answer:

Answer by chatsplas
You will need title in your name and some history of payments, and clear title to get any loaons.
Can only get a HELOC if you owner occupy property.

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