Thompsons Station, TN asked in Banking for Tennessee

Q: I currently own my home outright and it’s valued at 1.8 million to 2 million. I’m currently unemployed but need to

Take out some cash to pay off some bills. I have approximately $60,000 in a retirement account another $30,000 in cash. What would be the best avenue to take in my quest? Your thoughts would be greatly appreciated.

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1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery
PREMIUM
Answered
  • Knoxville, TN
  • Licensed in Tennessee

A: If you put a Deed of Trust against that real property, the lender will foreclose immediately upon any default, not just non payment of the Note. I recommend not borrowing against the home and do not suffer a Judgment against you. The Judgment will be executed against the property.

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