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?
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.
What do you think? Answer below!