[laurajguillen]

I own a house worth $250,000 with no mortgage. My business is purchasing electronics from the manufacturer and selling them to stores in Venezuela. I am based in Venezuela, but the house that I own is in the US. One of the companies that I purchase electronics from wants me to give them some sort of collateral to guarantee payment for the items they ship to me. I want to lien my house for this, but I have no idea what the process would be.

Please give me advice on what type of lien this would be. Also, what the process for this would be.

Also, is it possible to lien only what I owe them, or would I have to do the entire house.

[rockinmommy]

I'd consider a home equity line of credit. The interest is tax deductible and that way you can just pay cash to the electronics company.

Personally, I would NOT put my house up at collateral to a company like that. My experience with doing business is you either have good enough credit or you don't. I've never had a company that's not a lending institution ask for "collateral".

Karla in TX

[laurajguillen]

The problem is that I am not a US citizen or resident, I just own a house in the US as an investment. It is a rental property.

The current situation in Venezuela is what makes the company nervous about payment. It has nothing to do with my credit, it is just getting very difficult to buy other currencies using Venezuelan money.