Is it safe to use inherited properties as collateral when applying for loans?

[Setfragil]

Your property is your property either you inherit it or you bought the property with your money so far it is your own and the business you want to use the loan for is a good one, you can use your inherited property as collateral to take a loan.

 

[Snazzy001]

I believe that they are called inherited properties because they already belong to you in the absence of those people who must have left them under your care. So I see nothing wrong using it as a collateral

 

[Shigobad20201]

You're right , its called inherited property's because it was passed down to you from your parent or guardian, bland there's nothing bad in using it as a collateral when borrowing money.

I believe that they are called inherited properties because they already belong to you in the absence of those people who must have left them under your care. So I see nothing wrong using it as a collateral

 

[Snazzy001]

But if you could also reason from another angle,it will not be good to use inherited properties as collateral if it belongs to not only one person

 

[Hojo]

I don't think it's wrong or bad , but it's won't sound nice if the neighborhood hears about it

 

[Alexandoy]

But if you could also reason from another angle,it will not be good to use inherited properties as collateral if it belongs to not only one person

When my mother died, I suggested that the ownership of the ancestral home be transferred to one of us children. But my siblings did not agree. We had a hard time when we sold the property because it is owned by the estate of my mother, my father and all of us children are the owners.

 

[Richard92]

You may be able to qualify for a probate loan that allows you to use your future real estate assets as collateral against a home loan. Then, if you don't make your loan payments, the lender will have the power to seize your inheritance from you in order to repay the loan.

Yes it is safe for you to use inherited property as collateral when applying for a loan because that he edited property is now yours.

 

[tyrim88]

You can use an inherited property as collateral when taking a loan as long as it belongs to you and you are sure you will be able to repay the loan. There is wrong in using inherited properties and people take loans all the time, so it is normal to do what you have to do.

Nothing is actually wrong in using nherited property to optain loans.But sometimes the individual involved due to the fact that he did not actually generate the monetry resourses to get that property,he would wnt to mismanage the funds from such loan and the property would be confisticated.

 

[Ralphjoe]

I have come across a lot of people who want to take up loans, probably to undertake a project or start/boost a business. But what baffles me most is that some of them use properties they inherited as collateral. Someone I know used his 2 plots piece of land as collateral for his loan. My question is: is this a wise move? Inheritance should be valued more than anything, so is using it as collateral safe?

As far as I am concerned it is very ok for you to use any properties by inherited or both as a collateral for a business that you are very certain that it will become successful.

 

[Snazzy001]

I think this is somehow a personal issue that depends on the relationship between you and the person whom you inherited the property is from.but personally I will not use inherited properties to collect loans

 

[Kane]

Once inherited, the property is yours and you can do what ever you want, you can sell, you can use it as collateral. However, before you do that you will have to see the consequences.

 

[Setfragil]

You can use it as a collateral provided that you have all the necessary documents of the property. Either you inherited a property or you bought it, so far it is your own, you can use it to do business.

 

[Ceeny007]

If the said inherited property is not a shared property then you can go ahead and place it as collateral and get the money

 

[Joymax]

I have come across a lot of people who wantto take up loans, probably to undertake a project or start/boost a business. But what baffles me most is that some of them use properties they inherited as collateral. Someone I know used his 2 plots piece of land as collateral for his loan. My question is: is this a wise move? Inheritance should be valued more than anything, so is using it as collateral safe?

If a priortty is willed to you, it automatically becomes your property. You can decide what to do with it . there is nothing wrong with using it as collateral for a loan.
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I have come across a lot of people who want to take up loans, probably to undertake a project or start/boost a business. But what baffles me most is that some of them use properties they inherited as collateral. Someone I know used his 2 plots piece of land as collateral for his loan. My question is: is this a wise move? Inheritance should be valued more than anything, so is using it as collateral safe?

Both higher education and skills are of great importance in our society. If you have someone sponsoring you to higher school, then I will advise you to go to school first. But in a case where you are the one to sponsor yourself, I will advise you to learn a skill first, that way, you can fend for yourself and buys books and text.

 

[Sotherefore]

Well as long as it is your property and you have all the necessary valid document then I don't see anything wrong with it because you have been mandated to use the land for whatever pleases you.

 

[Kubiat-Abasi]

Yes, this is quite acceptable in my Country, it all boils down to an agreement at the end of the day. No refund, then the collateral is swallowed!

 

[Ghost1]

It's very safe as long as the property was willed to you and you alone. Never use a family property for collateral without consulting everyone involved

 

[Justin]

If you have full rights on the property, I do not see any problem in using it as collateral. After all you are trying to fund the business and wish to scale your business

 

[Sotherefore]

Well I don't see anything wrong with it as long as you have all the document that is needed to prove that you are the owner of that property then obviously you can use it as a collateral to get a loan. You need to make sure that you will also be able to pay back the loan.

 

[Godspower]

You can use such properties as collaterals for loans if there are no alternatives to use. Most banks and financial institutions readily accept such properties due to their value.