can we get a home equity loan?

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ok so like we want a home equity loan and we want one off my grand fathers house he has been there for 17 years and has been paying 1100$ a month he owes like 230000$ or something but hes payed half of his house off we believe he lives in Massachusetts and we want the loan for about 3000$ will they give it to him?

also a while back there was anther mortgage taken out for a condo in florida for 1000$ a month so all together he is paying 2100$ a month for his house and the condo can he get a home equity loan on his home? \

or can we get a home equity loan on our home we have been here for 12 years but it is under my uncles name we dont know how much is payed off. so would it be better to get one from my grandfathers house… my uncle is impossible to get any information or anything from…

also how long will it take to get the loan it would be from pentucket bank in Massachusetts we think.

like he has 50% of the house payed off we think

  1. Reply
    May 3, 2011 at 9:02 am

    you should borrow 500% against the value of the equity…

    it doesn’t matter how much has been payed off, what matters is the property value, paying off 50% doesn’t mean anything if the property value has gone down 50%, property values are being under quoted right now, I’ve heard of a guy being told his property was worth less in repayments than he was getting back in rent, utterly ridiculous.
    Don’t borrow more money.

  2. Reply
    May 3, 2011 at 9:19 am

    Does not matter how much equity is in the home if it is not in your name, you cannot get a loan on it

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