You are looking for a Lot loan. Not all banks will do lot loans. Most will give you 85% LTV tops and the rate should not be too bad if you have good credit. Transland financial and People's choice are two options. I am a mortgage broker in Florida, so if you happen to own the land in this state, email me if you need further help.
Yes, you can. Just search Land loan in Yahoo! and Google.
http://www.google.com/search?hl=en&q=land+loan&btnG=Search
Absolutely..its yours and its collateral.
Indymac Bank does land loans financing, but you won't get more than 60-70% of the value of the land. Don't forget about the closing costs and title insurance
I dont know if Indymac has a retail side, but most mortgage brokers are set up with this lender.
You can borrow off of any asset - however, not sure that the value of unimproved land will play with a national bank. Better to try a local bank that might do the deal in order to get your business.
BTW, what happens when you end up more in debt - this seems like a short term solution to a long term problem that might not be solved (expenses > income).
You will find it difficult to get a loan using your land as collateral.
Most banks will take land as collateral.
Many banks are willing to do this!
I would offer this alternative. Why don't you just pay off all of your debts one by one? Line them up in order from smallest debt owed to the largest. As you pay off each debt, you will free up the monthly payment to attack your larger debts.
By using this method, you could eliminate your debt without ever risking your land as collateral.
You can calculate your debt freedom date by visiting this site: http://www.josephsangl.com/?page_id=151
Click on the "Debt Freedom Date Calculator"
Good luck!
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