Can a person with no job and bad credit get a real estate-backed loan?

Question

I would like to know if a person who has no job, bad credit but a big equity in his house can get borrow money against his property. Is it possible?

Answer 1

No financial institution in their right mind is going lend money to someone without an income, much less having bad credit as well. If they do, they're banking on the fact that you'll default, and they'll get your house. Would you want to do business with someone like that?

Answer 2

Well, the best thing is to get a small job of some sort and then go try to get a loan. Also if you want to start working on your credit you can do this:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.

www.equifax.com
www.experian.com
www.transunion.com

Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.

Then make sure you pay all your revolving accounts to below 50% of your credit limits.

Make sure that you make all your payments no more than 20 days from the date it is due.

Answer 3

"At some point of time people dol have bad credit record. If you are worried about your poor credit history then you will not get any credit. There are many lenders who provide loans to people whose credit record is bad, but at a higher interest rate. You can get bad credit loans from some lenders quickly and easily.

Before you apply for a bad credit loan, there are some points you should first take into account. The only eligibility for the bad credit loan is poor credit history. To increase your credit score, ensure that the details of your loans are sent to major credit bureaus. "

Answer 4

Save your time and effort. With a score of 585, you're not going anywhere with a mortgage, even with $10K down. You will need to raise that score a minimum of fifty points before you start thinking about obtaining a mortgage loan. As far as assistance in those other areas, contact a qualified real estate buyer agent for professional assistance in the buying process.

Answer 5

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 6

My question would be if you have bad credit and no job why would you take out another loan.

Answer 7

hi

Answer 8

If that person has some assets, yes.

If not... no.

Some help there : http://simple-credit-cards-and-loans.com?=yh070330

http://cleancredit365.com?=yh070330

Good luck !

Answer 9

If you have Equity in your home, its possible but then again if you have No job, they may not because they want to know you can pay it back..

Answer 10

Yes, but you know what happens if you don't pay up, right? They take your house and whatever else they need to make up the loss.