I need a loan bad just became a home owner, & I am drowning, need help. If I could get the loan I could pay off all my bills and just have the monthly loan payment and utilties to pay. Then I could pay my mortgage with out worrying. If anyone can help me or show me how to get a loan, it would be beyond greatly appreicated. Any thing can help.
2006-09-11 12:41:51 · 43 answers · asked by TAMI G 1 in Business & Finance ➔ Personal Finance
About the only thing that bad credit won't hurt as far as a loan goes is an equity loan on a house. The house has the value not the person being loaned the money. Without equity you may be SOL.......Sorry, that's all I can think of.....
2006-09-11 12:56:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-09-28 17:20:52 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There are many loan products out there to assist you with your situation, but that is not the quick fix. I agree that you need to speak to someone regarding budgeting your money and set some financial goals so that you don't get yourself into this situation again. The loan is a good idea, but you need to be careful not to over extend your position with the house as well. Did you put any money down when you bought the house. What is the current appraised value? Can you benefit from the appraised value at this time? (Meaning has it been at least 6 months since you closed) Are you in a market that real estate value are increasing greatly or stagnant? Also, what do you mean by "bad credit"? Are you not paying your bills on time? Have you been late on the house? Many sub-prime companies will do the loan even with some dings on your pay history, but good mortgage pay history is a must with equity loans. They will even go up to 125% of LTV, but only if it improves your bottom line commitment with your monthly bills significantly. Take your time, do some research, and evaluate your spending habits. Don't rush into a decision. There are lots of questions you need to be asking a lending professional as well as yourself so write these down. As I said, this is not a quick fix.
2006-09-11 13:20:30 · answer #3 · answered by STACIANNA 1 · 0⤊ 0⤋
Look. You owe money. You have bad credit. You are apparently having difficulty paying your current bills.
As a lender, I'm thinking, "Hm. What's the liklihood that I'd get my money back, even if I wasn't worried about making some profit.?"
Considering that you have demonstrated that you don't pay your debts on time...or at all (not sure how bad your credit is), and considering that you are planning to use a structure in need of repair as equity, my gut feeling is that you're in way too deep.
My response to a loan request from an applicant like you would be no. I'd be interested in discussing entering into a financial arrangement with you after you've cleared your current obligations, and have demonstrated a steady pace of financial responsibility. Until then...no.
2006-09-11 13:15:09 · answer #4 · answered by Stuart 7 · 0⤊ 0⤋
Look into either a home equity loan or refinance your current mortgage. Either is possible even with bad credit, so long as the value of the house will support it. For example, if your house is worth $80,000 but you only owe $60,000 you can borrow about $15,000 with no problems, or you can get a new mortgage for the full 80, pay off the old and have $20,000 for bills, and a fresh start. Good luck.
2006-09-11 12:51:17 · answer #5 · answered by psycmikev 6 · 0⤊ 0⤋
You might not have enough equity yet, or depending on how much you paid for your house, the appraised value would have to be enough to get a loan that big, on TOP of what you owe already. Try Ditech or Red Brick Mortgage (they have web sites). Also, check Countrywide...these are ones I know of that have helped people I know. Be prepared for the higher interest rates, and always compare, since you'd be doing a debt TRANSFER, not elimination, to make sure you're not going to end up paying more. Unfortunately, sometimes you can get more pressure alleviated with a second job.
2006-09-11 12:52:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
How long have you been a homeowner? 35- 40K is pretty steep and in order to get that amount you will probably have to do a Home Equity Loan,. Even though you have bad credit, a bank or credit union may still be able to do the home equity loan for you provided the proceeds are sent directly to your creditors. Good luck!
2006-09-11 12:50:34 · answer #7 · answered by primetimekj 2 · 0⤊ 0⤋
I found a solution that worked for me. It might work for you too.
I had some pretty serious credit problems…some were not my fault and, I guess, a few were. I listened to the so-called “experts” who said they could fix my credit report and I spent money I didn’t have. I didn’t have any luck trying to get my credit report fixed.
I remember paying for the services that these Credit Repair Companies had to offer. The companies told me that they could have negative items removed from my credit reports without any problem, Yeah, right. This did not happen at all. Most of the companies wanted to charge me a set up fee anywhere from $39 to $299 for their services. Not only did they charge this set up fee, most of them also wanted to charge me from $29 to $49 monthly while they “attempted” to repair my credit report. These companies offered no guarantee that their services would actually work and, believe me, they didn’t.
I was about ready to give up when I found a lady who had been through the same thing and who had found a solution. She figured out how get all the negative items removed from her credit report within 3 months without paying anyone a penny. She developed a fast, easy, step-by-step process that she guarantees will work for everyone. She sells the complete plan with all the help and instructions for $47.00.
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The information is on this site: http://clean-credit-secrets.com/
2006-09-12 05:58:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Well, there are many factors to consider. First of all, how much is your total debt? Second, what are your interest rates? If you have a manageable amount of debt and are able to obtain a loan at a lower interest rate then it may be advisable. However, ensure you pay the cards off immediately but do not close the accounts (and refrain from using them as well or you will defeat the purpose!)
2016-03-26 21:05:38 · answer #9 · answered by Janice 4 · 0⤊ 0⤋
this is difficult.very difficult -- no. one try to rent part of the house so you can create some cash flow i.e. more income. a lender would like to see that you have the means to re-pay. otherwise a second mortgage on the house is an option. higher interest rate. last but least...a reverse mortgage if you can do that...they will buy the first
mortgage from you and give you some money if you are 60 or 65 over..hope it helps. good. luck
2006-09-11 13:12:24 · answer #10 · answered by s t 6 · 0⤊ 0⤋