Secure construction loan

Hello.. I am going to try to make this as short as possible… Last year I lost my home in forclosure. We now rent and in ten months have given complete stangers almost 17k to live in there house for 10 months. My credit is wrecked and wasnt that great to begin with…

I am considering Bankruptcy. However there may be a last glimmer of hope for my wife, three children and I. My Father owns a piece (4 acres)of property in Framingham Massachusetts. He has promised a portion (1/2 acre) of this land to me. A building lot in Fraingham is 1/4 of and acre and run about 150k-200k per quarter acre.

I was wondering… with my terrible credit history. Will I be able to get a secure loan to build a house on that property and if so will bankruptcy help or hurt my situation.. I owe quite a bit of money probable 15k and this is why I am considering Bankruptcy. I only had experience with no credit check payday loans, but this time it’s something different. Please help me ASAP.

Leave a Reply

Your email address will not be published. Required fields are marked *