Would lawyers or banks accept signing over a piece of your house for a small loan,i have a big problem?

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Hi,i own a house IT has no mortgage on it,i am unemployed at the moment and have a lack of funds,however i need something that needs to be sorted asap a couple of years ago i purchased this small plot of land in Montana,the person needed to sell quick and it was a good deal i paid them but it was never signed over to me legally my horses are on it now,the problem is the lawyers fees and tax are coming up at about between$ 4,000 and $ 8,000 and i cannot get this signed over to me still as i do not have the money,and they want the full amount at the final signing,can a bank or lawyer accept signing over a piece of your house for a small loan or collateral?
I don’t know what to do?what options do i have?thanks

1 Comment
  1. Reply
    Dave W
    May 3, 2011 at 3:19 am

    I’m not sure I understand exactly what the situation is. If you already paid for the land, why is it not signed over to you? Even if you owe money on it still, I would think it would be in your name with a loan agreement to the owner or whomever it is that you still owe money to.

    I don’t think a lawyer is going to accept anything other than cash or check. It is possible to get a mortgage or home equity line of credit from a bank or credit union with your house as collateral, but if you have no source of income, I doubt you’ll be able to get approved for any kind of loan. Especially after the recent financial crisis, I think any bank is going to want proof that you can pay back the loan before they will give you one. They already have way too many foreclosures to deal with now, so they are not going to want to risk having another one.

    Unless you can find an individual person willing to give you a loan, probably your only option to raise cash is to sell something you own. Do you have any gold jewelry you don’t want? Gold prices are really high right now. Unless you have several pieces, I doubt you’d be able to get $ 4000-$ 8000 from that though, so you might have to look for something else you own that you can sell.

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