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Can we get cash out of our home even though underwater? :(

by lemellin.kay4935937 from Green Bay, Wisconsin. Feb 27th 2015 Reply


Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 662 contributions

No. The property is the security (collateral) for the loan. No lender will do a mortgage when they know that a portion of it is unsecured. They won't go into a loan knowing that if you defaulted on the payments, they are automatically guaranteed they will lose money when selling your home at foreclosure.

Feb 27th 2015
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SEAN WRIGHT (LANDMARKMORT)
#6 ranked lender in Wisconsin - 38 contributions

It would depend on what is meant by "UNDERWATER". Certainly you need to have equity in the house to get approved for additional cash out.Sounds like you might owe more than the house is valued at?I would be happy to discus your options. You can call, or feel free to stop in my office. I am located in Green Bay.One option we could discuss is a home equity loan. There are a few ways to get funds for a Home Improvement without equity.

Feb 27th 2015
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Yvette Jenkins (Yvette)
#39 ranked lender in Wisconsin - 21 contributions

You most likely would not be able to cash out money on your home if you do not have any equity in the home. I would suggest visiting a local housing counseling agency for help. Here are a few: Neighborworks of Greenbay 920-448-3075, Catholic Charities Diocese of Green Bay, 920-272-8234, CCCS of Northeastern WI 800-366-8161. These agencies maybe able to help.

Feb 27th 2015
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 237 contributions

Can you take money out of your savings account when your balance is 0?

Feb 28th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Nope, you need equity in ghe home to get a cash out mortgage: VA allows up to 100% LTV, every other type of option for cash out will allow 85- 90% max although some 2nd mortgages(usually at credit union's) will go to 95%

Feb 28th 2015
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

not out of your home, DO YOU own a business? how is your credit ? I can do business and personal cash lines .. yourloanparterforlife@live.com linda

Feb 28th 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

The simple answer is no you cannot.

Feb 28th 2015
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

No- You will need equity in your property to take a cash out Refinance-Depending on how much and your personal credit profile, you may want to contact a local community bank and ask about a personal loan-

Mar 1st 2015
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