Legal Question in Real Estate Law in Illinois

Let's check your math......

Property is worth $130,000.00.

Let's assume you can only borrow 80% of value.

That's $104,000.00. ($130,000 x 80%).

So if you owe $138K and can only borrow $104K, that would mean having to come up with $34K to pay off the old loan assuming you can get a new one.

Am I missing something?

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law only in the State of Illinois. Responses are based solely on Illinois law unless stated otherwise.

I dont think that this is a legal question. Perhaps you may wish to find a real estate investors forum for this inquiry.