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Ayrahb · 11-23-2006, 10:48 AM

I own an acreage (nothing commercial) in the Vulcan county with a half-finished house and a few other buildings on it.

There is no mortagage on it right now, but I am looking to "re-mortgage" the property for up to 50% of the value. Is this at all possible, because a couple of banks kept pushing a home equity line of credit on me (which I don't want for the reasons below)?

Is there a way to ensure that a mortgage can be transferred to/assumed by someone with poor credit? Maybe some type of additional insurance in case of default or something. The person I would like to get the property called Approved Mortgage and they quoted him a rate of 15%.

11-23-2006, 10:48 AM	#1
Ayrahb Crash and Bang Winger Join Date: Mar 2006 Location: Calgary Exp:	Need Mortgage Advice from CP Oracle I own an acreage (nothing commercial) in the Vulcan county with a half-finished house and a few other buildings on it. There is no mortagage on it right now, but I am looking to "re-mortgage" the property for up to 50% of the value. Is this at all possible, because a couple of banks kept pushing a home equity line of credit on me (which I don't want for the reasons below)? Is there a way to ensure that a mortgage can be transferred to/assumed by someone with poor credit? Maybe some type of additional insurance in case of default or something. The person I would like to get the property called Approved Mortgage and they quoted him a rate of 15%. __________________ Calgary... Anywhere else, I'd be conservative.