Seeking home equity loan when unemployed

[Audrey Thiault]

A friend of mine, John, owns a house free and clear, estimated value $190K, in Lilburn GA. John lives out of state, and his tenants left suddenly and left the house in a bad state.  John is currently unemployed (he quit his job in January to move out to CA and didn't get a job out there yet) and is seeking financing to do the repairs and rent out the house for about $1500 per month (the market rate for the area).  He is seeking between $60K and $80K, which will be spent as follows: $20K for repairs and renovations, $40 to pay off personal debt, and $20K another project and flexibility.  Here are my questions: what does he need to do to qualify for an equity loan on his house, since he is unemployed, how soon could he get the funds.  Thanks very much for any input.

[Chris Seveney]

@Audrey Thiault

He is going to have a very hard

Time getting financing since he is unemployed

A bank will look at it as: how are we gonna get paid? While there is of course equity in the property - banks do not want to own property.