Tooz asked:


I bought my house last June, so its been just at a year. I would like to borrow money to re-roof my home. Is it too soon to apply for a loan like this. I know I don’t have alot of equity in the house yet, but I would like to go ahead and redo the roof now before I have a problem.

Lisa

David Z asked:


I can not afford my house,I have 200k mortgage and 45k equity loan on it,if I give up the house,can I stop paying both mortgage and equity loan?
Is it a bankruptcy?the bankers refused to answer my question.
Thank you for your help

Paula

tbubble1978 asked:


I do not have a house to get a home equity loan. I don’t know WHAT to do! What can I do? Who can I call to prevent me and my baby from walking and making my poor credit even worse? PLEASE HELP!

Tonya

Timmy Deleu asked:


If you have bad credit then it can be difficult to get a normal equity loan. Lucky for you in today’s world it is not only possible to get a bad credit equity loan but also to repair you bad credit rating at the same time. A bad credit equity loan will lower your monthly payments and also your interest rate by combining all your debts. This makes it easier for people with a bad credit rating to start building a good credit reputation.

 

Getting out of debt is simply essential for a good lifestyle. A healthy financial state is a must so you can provide everything you and your family needs. For people with debt, a bad credit equity loan is by far the best way to start building up a good credit rating and get their lives back on track. When you get a second loan and are able to make steady payments you will see your credit score rise fast. If you have debt and you don’t really know how to get out of it, then applying for a bad credit equity loan should be a serious option. Automatic payments will go off your account once every month and you won’t have to worry about your debt anymore, so you can concentrate on getting money into your account.

 

The first option you need to consider is whether you will apply for a home equity loan or a cash out mortgage refinance. Both bad credit equity loans allow you to get money out of your exiting mortgage on the amount already paid.  Be sure to look around for the best offers from online mortgage companies. Make sure you read all the information you can find on their websites. Get all the information you need on bad credit equity loans. Stay informed on different rates, fees and different types of second loans.

 

When you finally find an equity loan you like fill in an online application form as detailed as possible to get a real good quote. Make sure you calculate the entire cost of the loan with all the extra fees, equity rates and other charges involved. Keep updated on the status of your equity loan by regularly calling your lender.

 

When you finally get the loan try to make sure the loan is taking out of your account on times you actually are most sure of having a sufficient amount of money in there. Now is the time you stop worrying about your debt and start thinking about making money. Don’t worry about it, just be positive that you will make enough money and do all that you can to make sure you make those monthly payments on a steady basis. Then after you have completed you bad credit equity loan you can plan to refinance in about three years again to get the best future credit rating.

 

A bad credit equity loan is the best major step towards credit repair. It can take away some of the pressure and worry of your debts by combining them and lowering the interest rating. Use the opportunity the get a good credit reputation and get a good financial future for your family.



Tina

Brian asked:


Is it possible to get a home equity loan or 2nd mortgage with a poor credit score. The one thing we have going for us is that our house is completely paid off. We have no credit cards and our vehicles are also paid off. The only debt we have are some medical bills that we are making payments on which is around $2500. My wife and I are both employed and make decent income of around $6000 monthly. We just have some things coming up to where we would like a loan for around $15,000. I think our credit score is around 590 . (We ran in to some difficulty when I lost my job and had a baby born with a disability and medical bills piled up). But with that much equity and such a low score would there be a loan company that would work with us? Would our local bank be able to help or should I check around on the net that specialize in bad credit loans? Any recommendations?
Thanks!
Thank you all so much for such great answers and some great explanations! Our original loan for our house was over 10 years ago so I don’t remember much about how all of that loan stuff works. We have never checked in to a equity loan so I know nothing about them except for some research on the net. I think I’ll start with my local bank and go from there. Thank you all!

Danity……I have no idea what you meant by your answer!
One more quick note. I was not working for quite some time due to a back injury that ended in surgery. I have now been back to work for a little over a year now though. My wife has been a teacher for 12 years. So, we had a 2 year span to where our credit went down the drain but the last year have been on time with what little debts we do have. I was also thinking it would be difficult to raise our credit score without having any credit out there. Maybe starting with a credit card and just using it for small purchases and paying off the balance each month would be one way. I was also thinking with the equity loan would really help rebuild our credit with timely payments. My son needs some extensive dental work and that is why we are wanting a equity loan to pay for that and other services he needs due to his disability.

Nathaniel

Brian asked:


The big issue we have is that we have bad credit due to myself getting injured and not being able to work for a few years. Also, right before my injury we purchased a house, had a baby that had a disability so medical bills added up, and we had to file chapter 13 about 4 years ago. We purchased our house in the year 2000. Our house is paid off as we more than doubled payments and put extra money we had at the time towards it while we were both working. Our bankruptcy was discharged over 3 years ago. We currently have no credit cards, no auto loans, and no 2nd mortgage or equity loan. The current debts we have are some medical bills with some in collection. Our credit scores are around 590 which I know is very low. We are wanting to get a equity loan or second mortgage to help pay for extensive dental work our son needs and also to get him extra care such as speech and occupational therapy that insurance does not cover. Our house is worth around $135,000 which is paid off. Is it possible to be able to get a home equity loan or second mortgage with such a horrible credit score? My wife is a teacher and I am a union boilermaker now so we do make a decent income. I’m also thinking but do not know for sure that a loan will help improve our credit. Since we have no loans or credit cards I don’t see how we could improve our credit which is one of our main goals. We just want to get back on our feet but has been difficult with all of the money we spend to help our son which is our number one priority. Also, if anyone knows of a certain loan company that would work with us that would be great. Making the monthly payment would not be a problem now that I’m back to work. We have been paying off the medical debt quite quickly now but just do not want anymore to go to collection. So I guess my question boils down to will it be difficult to get a home equity loan for around $20,000 or so with our house being paid off and no other debts with poor credit? Thank you so much for your help in this matter. I just think this could get us back on our feet and improve our credit. Any help is greatly appreciated!
Thank you all for the wonderful replies and links!

Love Presley..Do they accept borrowers with poor credit. In my question I did mention we have poor credit for reasons mentioned above. I have now been back to work for over a year as a union boilermaker and my wife is a teacher so we do have a steady decent income now. We just need a way to help get our medical debts paid and are hoping a loan will help improve our credit since we currently have no loans. My son also needs extensive dental work on top of speech and occupational therapy so are looking for some extra money for that and some to put in savings for emergencies.
Thank you all for being so kind and not judging. I am quite embarrassed for the situation we are in! But my son is number one in my life and will do anything to help him even if it means spending my last penny for that extra speech class! I’m not saying we are bad off, just need a way to get back on our feet and improve our credit and think a equity loan will do it
To Stan C,
Will my local bank be able to help someone with poor credit. It seems they are far and few between. The one thing that I feel will truly help even with a poor credit score is that our house is paid off in full. Estimated value I’m guessing is around $135,000 and we are thinking of trying to get around $25000. I have heard that if your house is paid in full the minimum you can borrow is $50,000. If so I guess I could just put half of that back towards the loan as long as there is no early payoff penalty. Could you please give me your thoughts getting a equity loan with poor credit with our house being paid off in full?
Thank you kindly Sir!

Glen

fudosoul asked:


my wife and i are both in the title deed for home. we want to get a heloc or loan but my credit score is bringing our score down. her score is a lot higher than mine – can she get the heloc or loan on her own?

Dennis

Prego asked:


Divorced, got a court order to refinance and pay the ex 50 percent of the equity. Bank will only finance 85 percent of the Original loan, and don’t require appraisal. Mortgage owed 104,000, bought for 111,000. Bank will refinance amount owed plus all closing but no more. Cant cash out VA loan. How do I get his supposed equity? County assessor says its worth 125,000. What do I do?

Joanne

Me asked:


I have an offer from a credit card company for 3.99% FIXED APR until the balance is paid off. I want to borrow $10,000 to build a deck and put a new roof on my home. I know that home equity loans have variable rates and I am in the top tier as for my credit score, so I would qualify for a low rate between 5%-7% I guess. What is the smartest way to borrow that money and why? CREDIT CARD vs. HOME EQUITY or even a HOME EQUITY LINE OF CREDIT…(I’m not exactly sure how that works though?) Thanks.

Edgar