I borrowed $ from a friend for a home (foreclosure) and now I want to pay her, what kind of loan do

I've been making payments to her and I want to pay off the rest of the loan. I don't know what kind of loan I should take out to pay her the rest of the money. Do I need to take out a mortgage or a 2nd mortgage, a home equity loan or a personal loan to pay my friend back?

I borrowed $ from a friend for a home (foreclosure) and now I want to pay her, what kind of loan do I need?

You want to get a home equity loan (NOT line of credit) to repay the loan - if the property is valued higher than the size of your mortgage - because you can deduct the interest from your income taxes. You cannot deduct the interest from a personal loan. A home equity loan IS a second mortgage. You don't want a home equity line of credit because it's easy to start using it like a credit card, and you can lose your house because the explanations of the terms are so complex; you usually end up paying only interest and having a balloon payment due at the end of the term - which you usually can't cover, and so lose the home. Whatever you do, do NOT get anything with an adjustable rate; insist on a fixed-rate loan even if the rate is a little more than the initial rate offered for an adjustable rate loan.

I borrowed $ from a friend for a home (foreclosure) and now I want to pay her, what kind of loan do I need?

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I borrowed $ from a friend for a home (foreclosure) and now I want to pay her, what kind of loan do I need?

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