Need to cash out unencumbered inherited property to buy sibling out

For traditional lending, equity does not take the place of responsible borrowers. You have to have acceptable credit to get a loan... For Hard Money loans, credit does not matter.. Equity matters.. However you will pay a much higher rate, and a ton of fees, but there is a loan product out there.. The best advice I can give is to have her contact a local mortgage broker, not a bank, and apply with them.. BK and collections are bad, but enough time has passed to where it might not matter... her minimum score for most lenders has to be 620 - 640, so it's possible she can get an FHA loan.. WilliamAcres.com

Larry and William are both right. In today's lending world, poor credit scores and outstanding collections can be a deal killer for traditional lenders. Her best option is to work with a local Mortgage Banker/Broker. The broker can actually review the specifics and determine if there is a way to make a traditional loan work, otherwise, she would be looking at having to use a hard money lender. It is not uncommon for someone to have "bad" credit, only to find out that it only needs a little work to get it were it needs to be for a traditional loan. She should check out her selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com