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Will my mortgage company grant me a line of credit? |
if there is a lein againest the property ? I assume you're talking about a home equity line of credit. It's going to depend on what the value of the home is and how much is currently out in liens on the house now. Your mortgage company has a lien one it and I'm assuming someone else does too from your question. So, if the value of your house is $200,000 and your mortgage is $150,000 and someone has a $50,000 lien against the property, it's highly unlikely that anyone is going to give you a line of credit against that property. You already owe what the property is worth. On the other hand, if the value of the property is $200,000 and you owe the mortgage company $100,000 and there is also a $1,000 lien against it, then you could probably get a line of credit. It will also depend on how much debt you currently have, what your credit rating is, if you're behind in payments and any number of other things. |
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