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Quitclaim from tax sale

Can I take out a loan against a home that I purchased at a tax sale? The county quitclaim the home to me. It's been 2 years now and I want to remodel the home. Can I take a loan out against the home? There is nothing owing on the home. by forever100512745 from Ocean Springs, Mississippi. May 28th 2018 Reply


Yes you can take cash out of this property. If you need help please give me a call Cynthia @ 901-240-0758 or you can complete a ln application on my website mid-southhomeloans.com

May 28th 2018
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Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 527 contributions

Yes you can, subject to additional lending limitations based on your specific circumstances. Your best bet is to get a recommendation to a local loan officer from friends or family. Your situation is not a cookie cutter refinance and you will want to work with someone local that will properly research your options before starting the loan process.

May 29th 2018
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I live in IDAHO. Own a home and purchased this other home from the county tax sale. Do I apply for a heloc on the home I purchased at the tax sale? Just not sure what I should do. I don't want to refinance the home I live in to fix up the other home.

May 29th 2018
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Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 527 contributions

There's all sorts of options to obtain the money for a re-model including a HELOC. The key is finding a Local Loan Officer so they can properly understand your financial goals. There is no ONE-WAY to do this and in order to structure a loan for you, the loan officer needs to understand your goals and build a loan to meet your specific needs ... good luck ... :)

May 30th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

Yes.. so long as 6 months has passed, then you can do a cash out refinance based on it's current value, but you will be restricted to 80% of it's value if it's your primary residence or lower if it's an investment property. Also, the home must meet minimum property condition standards.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

May 30th 2018
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