Foreclosure Financing

[Dustin Neal]

Title may be a bit misleading but I have a simple question regarding loans and foreclosures. Is it considered a bad move to obtain a personal loan in order to purchase a foreclosure? I only ask because it seems to easy and simple to be the right move, or maybe I'm over thinking it. For instance, if I was interested in a bank owned property that the bank wanted $40,000 for and I only had $20,000. If I had access to a personal loan for $20,000 that would allow me to purchase the property wouldn't that be the way to go, with the understanding that the interest rate on the loan is less than 6%?