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I own my house outright, no liens or anything like that. I…

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Second opinion] I own my...
Second opinion] I own my house outright, no liens or anything like that. I am unable to work right now due to health reasons. I have no income at this time. I need to know if there is someway I can get some cash out of my home equity even though I have no income right now. I am in the process of fixing up the house to sell, but that will take awhile and I need cash to support myself as soon as possible as I am completely broke right now. I wasn't planning on getting ill.
Submitted: 1 month ago.Category: Tax
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3/9/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

I reviewed the first response, and can add to that list of things to consider.

If you have a car, Lyft/Uber driving is a cash option if you can drive.

If you have a trade or expertise that translates to advice, consider an online gig like just answer.

You did not mention short term disability, which might be an option from your employer. Or arrange to be laid off for unemployment benefits.

You need both an income to support yourself and construction $.

Consider selling unneeded assets like your car. Get another one when you go back to work.

Roommates might help if your house is livable.

New credit will be hard to apply for. Private mortgage money could be had if you can afford to pay an investor a return when the house sells.

I've been where you are, years ago. That's why I answered the question. Lost a job, house in early remodeling stages. Easier to earn an income with online, ride sharing and other guys. Harder to borrow money from banks, easier to find private money. But the keys remain the same. An income first, then construction. Don't start a job without the money for materials.

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Customer reply replied 1 month ago
Thank you for your answer. What is private mortgage money and where/how would I get it?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

There are a few resources I would try. First is a local real estate agent who might have contacts in your area with investors who offer private financing.

Second is the public web classifieds, like Craigs****. There are likely a number of ads from private money financiers.

Both will be less interested in your repayment income, but be more asset-based. Your property would be their first lien position, guaranteeing repayment. Banks typically refuse people who can't term out loans, that is, make monthly payments.

Don't forget five stars when we are done.

Customer/p>
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PDtax, Certified Public Accountant (CPA)
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