2007-03-26 09:05:50 · 4 answers · asked by sexyanimal228 1 in Business & Finance ➔ Renting & Real Estate
Other than additional property, there isn't much a reputable lender will be interested in as security.
2007-03-26 09:08:51 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
Most mortgages have the property itself as the collateral so if you don't pay they they will repossess it and evict you. But if you have bad credit then you may be able to use other property as collateral. You will probably be fine if you just had someone else co-sign on the mortgage like a friend or relative. When 2 people co-sign they generally ignore the fact that one person has bad credit if the other person has good credit and appears to be able to cover the amount if the other person defaults.
2007-03-26 16:46:51 · answer #2 · answered by Matt M 5 · 0⤊ 0⤋
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!
2007-03-27 01:54:28 · answer #3 · answered by gabriel jones 4 · 0⤊ 0⤋
Not much.
You may be able to find a land co. that will do a lease sale though. I bought 5 acres this way when my credit was bad. You put up a down pmt. and make monthly pmts. just like buying, the company holds the deed and transfers it to you once all pmts are made. Your payment history is NOT reported to the credit agencies though.
Good luck!
2007-03-26 16:29:18 · answer #4 · answered by wwtpo 3 · 0⤊ 0⤋