Best online forum for mortgage and foreclosure purchase investments?

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Can anyone give me a good online forum to ask questions about buying foreclosure property?

Is was mostly wondering if it is (roughly) possible to get a purchase a foreclosed property, and then get an equity loan and that same property.

For example, a condo costs $ 20,000, I pay half up front and finance the remaining $ 10,000.

The property is worth $ 40k, can I get an equity loan for the $ 20k equity, pay of the mortgage, and use the remaining $ 10k for repairs and improvements?

Or is it unlikely for a bank to give an equity loan in that situation? Assuming credit and everything else checks out.

A good online forum would be awesome but answering the question would help too, thanks 🙂

1 Comment
  1. Reply
    February 23, 2011 at 4:52 pm

    Whether you can get an equity loan depends on your situation, you are not getting an equity loan on the initial purchase, that is not going to happen.

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