Home Equity Loan
Bad Credit Home Equity Loan Knowledge Base
Do you need good credit to take out a home equity loan? Will bad credit affect chances of being considered? My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?
Can I get a home equity loan with Bad Credit. i OWN My home and its fully paid for? I went to the bank today and tried to get a home equity loan but they turned me down because I had bad credit. I have a stable job that I worked at for over 5 years, I own my home and it is fully paid for. I drive a 2006 Mustang Gt but they still turned me down because of bad credit. I wanted to get the cash to fix my home becuase it need new pipes and a heating system, so i wasnt going to go blow the money. My credit isnt super bad but its still not good, is it possible for me to get a home equity loan without good credit. i DONT want any online loan stuff or any stuff like that. I LIVE in a small town with not that many banks and i need this loan before winter. cAN I GET THIS LOAN WITH MY BAD CREDIT?
is there anywhere i can get a home equity loan with bad credit? my boyfriend and i have bad credit but we own a $85,000 home with no mortgage. the house is paid for. we were looking into getting a home equity loan to pay some back bills off and do home improvements. is there anywhere that we could get a loan even with bad credit?
Bad Credit Home Equity Loan score of 585? I recently have decided to pull some money from my house for a few different reasons. I have had one of those years where some bills have gone unpaid and have gone to collections, not my best year but I am sure we have all faced this in our lives. My credit score has hit as a mid score a 585 which is below the guidelines for some lenders to allow an Heloc. My home value is about 500 K, and the loan pay off is about 250 K so I do have the equity in the home for the loan but just not the credit score. I have looked at a Refi but would suffer a prepayment charge from the lender that is around 8 K as well as another 10 K in closing costs etc....etc... I would like to do a Heloc and I am not really concerned so much about the interest rate on the deal as I will plan to sell the house in the next year. I am looking for a company that does that kind of lending. Any suggests my yahoo answer friends.
How can I get a home equity loan with bad credit? I have a home worth 550,000. I owe 187,000. I only need to borrow around 20,000 to hold me over until I sell my house. I just listed it with a realestate agent. Everone I talked to wants to refinece the whole loan.
Can I get a Home Equity Loan with very bad credit? Need a loan to pay for serious repairs needed on home.Husband has had job only 3 months and me no job(small children,disabled) OUR credit well below magic number of 650. Upside we dont owe anything on the home.Do you know names any companies out there or are they gone with the credit crisis?
I am attempting to get a home equity loan, but have bad credit. Where can I go? I also have a manufactured home.
Can I get a home equity loan with no seasoning requirements with bad credit? We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we've only been in the house for two months. I'm being told that most companies require 6 months to 12 months seasoning to get a home equity loan. Any suggestions?
is there a place that offers home equity loans to people that have bad credit? my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for a loan that works with the better business bureau. i want to make sure its legit.
where do i get a home equity loan with bad credit? anybody had luck with beneficial mortgage
I need a NO credit check, NO Docs, Home Equity Loan. I own my house (no leins) and only want 80% Loan To Value I am tired of online mortgage sites promising no docs no credit check loans and not really being anything but regular standard lenders. I have a ton of equity in my 4 year old paid-off home. I wish to get 80% of the appraised value in a home equity loan. I work for myself and much of my income is not reported. I have been divorced and my credit score is bad. I do own the house though and wish to use that equity. Please only answer with a real solution. Predator lenders need not bother me with empty promises and credit card lending rates on a secured home mortgage/equity loan. It needs to be a lender that can operate in South Carolia as well. This is a house, 2 story frame built house 2168 sq feet heated. 2.5 baths and a 2 car garage all on a .51 acre lot. Thank You Very Much!
if i have past bad credit and want to get a home equity loan where do i go i own my home no payments? a few things come up on credit report
No credit history, need home equity loan.? I own my home free and clear - value at 150k, paid cash three years ago. I have no credit cards, no car loans, and have paid cash for everything for the past 15 years... therefore, I have NO credit - not bad, not good, just NONE reported. I tried to get a 30k home equity loan for personal needs, but was denied because of "no reported credit". I have an income of about 2500 per month (gross) and I have no debt. Do I have other options? I don't want to take a 1st mortgage out, please tell me that this isn't my only option. As a follow up - this is pretty time sensitive. Would love to have 30-60 days to establish credit. I just never believed that it would be a problem since I own my home.
Pay off credit card with fixed home equity draw? My 48 y/o sister has asked me a question and I don't want to give her bad advice. Here's her question and her stated financial info: Should they pay off balance on their 8.25% (prime for life) credit card (with a long and excellent credit history) and put that balance towards their home equity loan? Both have high FICOs. They currently have a 1st mortgage of $200K fixed at 4.25% until 5/09. They also have a fixed (locked in) rate of 7.65 on their home equity line at a 10-year term with a current balance of $50K ($18K avail). Their home is worth between $550-580K. They only have one credit card they use, but it's $12K (prime for life) currently 8.25% and she makes at least double the monthly payments in an attempt to pay down. They would like to eliminate the credit card debt if possible to be able to save more and not feel so stretched each month. Plus one teen now needs a car (more outflow). Banker will lock addt'l draw and combine both for 7.6%. Yearly income $90K. Advice? Forgot to mention that mortgage is $1375/month, she pays $700 on equity loan (min $685), and she pays $700-1000/month down on the credit card. If CC was eliminated, the banker told her the new lock on the equity loan would make that monthly payment $763, which she could also pay more down on with no penalty. She's really nervous about fooling with the equity in the home because of their old(er) age. Should she keep things as is and pay down aggressively or transfer to current home equity or other great idea? Thanks again.
has anyone with bad credit used creditaxis.com? It says Over 80 Little-known Banks & Companies that offer Bad Credit Loans, Bad Credit Home Loans, Bad Credit Auto Loans, and Bad Credit Personal loans to people with Bad Credit or even a Bankruptcy. Many require absolutely NO COLLATERAL & NO CO-SIGNERS. Home ownership is not required. Several Little-known Companies offering easy-qualifying Bad Credit Signature loans, Bad Credit Business loans, Bad Credit Student loans, Bad Credit Home Equity loans, Bad Credit Debt Consolidation loans, and Fast-Cash loans. Bad Credit and Bankruptcies welcome. 'But it wants you to pay a fee of 35$ to recieve the list of lenders, if anyone has used this site please let me know if its legit....thanks
Is there a good way to get a bad credit loan? I need a loan of approximately 30,000 dollars. I work full time (long hours) so getting a second job isn't reasonable. I do own a condo, however, my father is part owner. I'm not sure if I'm comfortable getting a home equity loan.
How do i get a loan with bad credit? I straight out own two properties without mortgages on them, how do i get a home equity loan on one of them if i have bad credit?
Will I be able to get a home equity loan if I am currently in a forebearance agreement with my mortgage? We will be listed as "entering foreclosure" until September, but have already made 5 consecutive payments into the forebearance plan, including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?
Can I get a home equity loan? Can I get a home equity loan if I have bad credit. Please help. I need to know what trusted companies I can contact for this type of loan. Thanks.
How does a home equity loan work? I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so far have done good. But those student loans are looming in the background.
Home equity loan a good option to pay off bad debt? We have terrible credit and would like to pay off all of our debt and start fresh. We own our home and have probably about $40,000 in equity. We'd like to refi the house, take the equity out and pay off our debt - it's the only option we can think of besides declaring bankruptcy. But honestly with bad credit I don;t know that this is even an option for us, and if it is, I don't even know where to start. Is it a good idea, and if so, where can we look for a refi that will loan to people with really bad credit? If it's not a good idea, is bankruptcy our only other option? We live paycheck to paycheck right now and don't have any other way of paying off the debt. Thanks! To the answerer telling me to "grow up" -- please don't judge. We are trying to grow up and get out of debt the best way we can. We have a ten-month old baby to consider and want to do what is best for all of us. We have made some bad choices in the past and have learned some lessons the hard way - we accept full responsibility for our past decisions and we're doing the best we can. I just need helpful guidance - not tacky comments to make me feel even worse about the situation!!
How do you know if you can get a home loan with bad credit and some debt.? I have a student loan and a few little bills that i'm currently paying off total less than a thousand for the bills student loan is 22,000 but i'm not paying cause i'm barely getting by. I could get a house for what i i pay in rent. I just want to know if there's a possiblity of gettting a home loan and how could i improve my chances. I had great credit a few yrs ago but lost a job and bills pilled up. I'm just curious on what my options are b/c if you get a house you get equity.
home equity loans/ lines of credit? If I plan to sell my house within the next 1-2 years is it a bad idea to take out a home equity loan or line of credit?
Bad Credit Equity Loan? My FICO is about 560 and I have a little over 20% equity in my home. I have been offered a refinace, but the terms really scare me. My financial situation would be much better served with an equity loan than this refinance. The closing costs take up too much of the amount I'm borrowing and it's an adjustable rate mortgage that starts more than 3% higher than my current mortgage. Any suggestion???
I filed for chapter 13 to save my house. Is it possibly get a home equity loan? I filed for Chapter 13 to keep my home. I was out of work for over a year and things really went bad. I am back to work now making about 75,000. I have $50,000 equity in this house. Because of the Chapter 13 my credit score took a huge dive. Any suggestions? Home appraised for $230,000 and I owe about 163,000. Help!
if u have had bad credit and u own your lland wont to do home equity lon??? what would be the chances of getin do u think i might get a home equity loan//????
Home Equity Loan with a FICO of 530? I have less than 15% equity in my home and need to consolidate some bills. My FICO is right at 530 and I have one late mortgage payment about 3 months ago. The amount I need is about 10% equity in my home, but can't find a lender willing to let me have the money with such a low score. At this point in time, the interest rate is not as important as getting some things paid before they begin to affect my credit even more. Anyone know of any companies out there that will go with a 100% equity loan with my bad credit score?
Home Equity loan when needing a small amt. of money? I know I do not understand when to get a home equity loan and how they work. My husband and I have fallen on bad times financially, but will be making a great deal more money in about 2 months. Basically, we need about 7,000 dollars to consolidate debt and become current with some payments. We have only lived in our home for 3.5 years -- so do we even have equity? Our credit scores are not good - high 500's...but we want to change that. I do not know if we can get a personal loan? Please educate me on home equity. Thanks!
Home Equity Loans? Which company would be the best to go w/ for a home equity loan? My credit is bad :( I want to get a home loan, fix up the house, and pay off my little bit of debts i have. I know with my credit being not so great i'd get about a 9% rate (most likely) Im only looking to borrow $35-40,000
I need a good company (who takes bad credit) to refinance a Cashcall Loan - Anybody know of one? I have a $5600 loan with Cashcall that is killing me. I have bad credit (now partially because of this loan) and I am looking for a bank of finance company that will refinance it even it. (no interest rate could be higher than what I have now. Any help or reference will be appreciated. I am a renter, so I cannot debt consolidate this into a home Equity loan or the like.
Where can I apply for a loan even though I have really bad credit.? I want to be able to consolidate my bills into one payment. I already have a home equity loan but my bill does not go down. Where can I apply for a loan?? Please help...
Would you be willing to invest in a high risk loan for 28.75 % if you knew the person had a good job? We make over 80,000 a year and we have a bad credit rating because of a health issue and some not so smart choices. We are trying to get a loan to pay off everything on our credit (less than 7000.00) not counting our car loan (up in FEB 07) and our house (we owe110,000 and it is worth 135,000, but can't get a home equity loan in TX b/c of the refiance only 80% law.) We can afford a payment of up to 475.00 a month. I have a listing on Prosper, but I only have a few bids right now. The listing is under gandbcole if you want to find out a little more about us. I just need to know where to find a private investor that wants to carry a loan for 2 yrs at a 28.75% rate. I do not mind paying the high interest if I can get rid of all the old on my credit and only have good stuff showing to improve it. What should I do? I would even sign a personal guarantee putting up the equity on my home for collateral. Just do not know where to look.
What is the best way to payoff my credit card debt? I currently have around 10,000.00 dollars of credit card debt on three different cards. I am paying 29.99% on two of them, and 22.99% on the other one. I have tried to get a card with a better rate to transfer my balances to, but the issuers won't give me one because I am using so much of my available credit now. I have not had any late payments on my credit accounts, tho. Should I try to get a home equity loan to pay off the cards, or is that a bad idea, too? I know that I got myself in this situation, and I am wholly responsible. I do not feel right about declaring bankruptcy, but really want to get out of debt somehow. If I am unable to get a lower rate, then I don't see a way to rid myself of the debt. Any advice?
equity loan on property with bad credit and self employed? i own my home and land in california and reside in it. i'm self employed (retail store) for 7 months. my home and property are fully paid for . i'm looking for a small loan 10-15k property is worth 175k my credit is bad any ideas? thanks
I applied for home equity credit thru chase. Is this a good or bad idea? I need $11K for a new roof. It is going to be a lot of work up there, so I asked for $2,000 more than they bid the job in case of some wood rot or some other extra's. I requested a fixed rate and no closing cost, so they offered me the $11K for the loan at a fixed rate of 7.8% interest for 4 yrs. They said they would offer me an adjustable rate of $25,000 and if I need to borrow more than the $11,000 they would let me borrow and fix that rate. They also said no closing cost. What do you think? Can I find a better deal somewhere else? I need to add, the roof is leaking water all over the place, and I have a trash can sitting next to me to catch the rain water,so this is kind of an urgent matter. Also, this is a 2 story house with an add on addition and a garage with a big tear off since I think we need to know what is under the roofing.
Need a home equity or persoanl loan asap? bad credit (under 500) three mortgage lates. Life hit us hard but are trying to get back on our feet. Just need a chance. Anyone know a co that would provide a loan with these perameters?
How do you get landscaping on credit? In the recent movie "Fun With Dick and Jane" starring Jim Carrey, one of the bad-luck things that happens to Dick and Jane as a result of Dick losing his job is that the landscaping is reposessed. Which led me to think the other day, how do you get landscaping on credit? Assuming that they did not put it on their credit card, or get a home equity loan (because a credit card company or a bank, I would think, would not reposess landscaping; rather, they would force payment on the card or note through bankruptcy or foreclosure on the collateral), my thought is that they must have had credit with a landscaping company and were paying a monthly payment, which, when they couldn't afford the payments anymore, was reposessed. So, is this really possible, or do you think this was just done for comedy's sake for the movie? Anybody ever heard about having landscaping done on credit through a landscaping company? If this option is for real, my yard could really use it.... ;) Thanks! Yeah, I thought it seemed like a stretch. The reposessed the in-ground flowers, shrubs, plants, newly-planted tree saplings, and grass. Any thoughts anyone? Yeah, I thought it seemed like a stretch. The reposessed the in-ground flowers, shrubs, plants, newly-planted tree saplings, and grass. Granted, it was hilarious, but I'm guessing, not based in reality. Any thoughts anyone?
Not late on bills, 685 credit score, equity in my home, was approved then declined by Lenders? Need Help! I applied for an Equity loan, had score 685 and equity. Made payments way before due date not past due date. I drive for a living...me and fiance were splitting up and needed this loan BAD to pay off my truck. The note was $626.00 a month, house $685.00 electric $165.00 and so on. I was told I had been approved and qualified for. When the Lenders (credit card co.) found out I want to pay off truck to get the title they declined me. Tell me if I'm wrong? That would've put $565.00 back in my pocket each month to pay bills. If you got hurt and can't work you can catch up on credit cards but NOT YOUR TRUCK. They will come GET IT!!! Then YOU LOOSE EVERTHING! Open your eyes everyone! Watched what's going on and NOT CSI. Don't be led to the PASTURES!!!
Home Equity Loan? I own two debt free rent houses that are valued at a combined 140,000 (apprasil district figure) and bring in a combined 1495 monthly rental income. I am wanting to pull some captial out of theese two properties for another investment oppurtunity. Would a home equity be the best method? What ratio of the 140k would a bank lend up to? Mainly Im just looking for the lowest closing cost and interest possible. My Fico is only high 600s(nothing truly bad on there just a short credit history because im in my mid 20s) thanks in advance
What damage am I doing if I apply for a loan the second time.? I applied for a busines loan line of credit and was turned down due to to many over drafts. I need to purchase a company vehicle and do some home repairs so I was thinking of appling for a home equity loan at a different bank where I have a my personal account. Am I making things worst or am I still safe in appling for a loan the second time this is within 2 weeks?
what is a decent interest rate on a HELOC (home equity line of credit). ? we have very good credit and our? household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths. we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I'm wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the $500 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?
Looking for a mobile home mortgage with bad to medium credit? We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us? We wish to purchase a 2006 or 2007 new mobile home from a dealer.We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. They want us to split the property into 2 deeds. Due to zoning restrictions we cannot do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
If I choose to blow off a mortgage loan, how long will it take to regain credit? BadGirl has an idea. What if I dump all of my student loans into a refinance and/or home equity (on property I own, but need to unload), and then I decide to bail on that property. It will take me a good 20 years to pay off my large student loan, but how long will it take to recoup my credit rating if I do this? BadGirl thinks it will take longer to pay off the student loan, than rebuild a bad credit rating (and get rid of the student loan debt for good). Comments/suggestions? BadGirl was not considering a bankruptcy, just giving the property back to the lender and dealing with the rest. You are right about the fact that I should be smarter, but I actually make about $40K less than I did before I became a teacher, and have more college debt because of it. I was thinking about refinancing with the same shitty company that talked me into the interest only rate to begin with-I thought maybe I could give them some of their "interest" back.
i have a home equity ? My son came into a sum money he has never delt with banking etc spent all his capital bought a home started a buissness and bought two cars.After two years of taxes and starting a buiss my son became in need of some cash to pay bills taxes etc.He went to castlepoint I've learned was the worse.They said he had no credit history yet and he needed a cosigner to get a equity loan.I agreed to run my scores and they are bad but just enough to get the loan but I'd have to put my name on his deed they tricked me and now I completly own my sons home and loan.Also castlepoint was told I'm on ssi disability 600 a month and no income incase my sons bizz failed I need low payments and I need small payments they said I'd pay hi rate for 1 year 550 a month so I agreed.then they sold me and sold me again and i cant get a lower payment or refi not for cashout but for small payments now.because bizz not doing well and am behind in everything only income ssi my scores are bad NO ONE WILL REFI ME HELP
I need a loan for 30,000. I have terrible credit. I have plenty of equity in 3 homes, can anyone help? I have been disabled for 2 years and am now back to work i own 3 properties and have plenty of equity in them but my credit is so bad right now i cant get a loan
is there any escape to bad credit? i have3 times the caltoral for the loan!!!!? i am trying to borrow $45,000 to open a doughnut shop and my fico is 500 i have $15,000 in shop equipment i have already purchased, the funds will be used to purchase and rehab a building that will upon completion be worth $90,000 and i have $79000 in equity in my home that i cant borrow because my fico score will only allow 70% ltvand my math says $184,000 of equity should suffice for a $45,000 loan. my credit issues are mostly old (10 years in a lot of cases)debt thats been sold from vendor to vendor and shows up 3 to 4 different vendors with different number making it seem like its different accounts and you can go in and clean it up but next month they just relist them who will police these people ? does anyone have any suggestions?
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