How can i get a home equity loan or line of credit to pay off debt,i have delinquent payments on some accounts

Question

I was recently divorced, my daughter is in college. I fell behind on some payments on my credit cards in an effort to support my daughters educational needs. I have two homes with approx. $70,000.00 worth of equity. I requested from a local bank where i already have a note to borrow approx. $30,000.00 to pay off all cards and other debts. The banking institution refused my request, stating that i have some delinquent payment issues, on cards, etc. He stated since i have a note with them the only thing he can do, is re-adjust my payments on that particular note i have with them. I am new at this type thing, could someone please give me some advice? I am just trying to bail myself out of the hold that i am in, to make a life better for my daughter. Both homes have a lien on them with the bank.

Answer 1

Poor credit, add liens on home's (which takes away from equity) high credit card debt, and income unknown. From the little gathered here it sounds like you are already over your head, especially in income to credit ratio. Add to all this the credit crunch that is rapidly approaching, and the glut of homes on the market leading to, or shortly will be the depreciation of those homes, not likely will you get a loan with any terms that are doable. Place one of the homes on the market and hope for the best. Place the one with the most equity so you can get rid of the liens. Do not keep digging yourself deeper and deeper in a debt you may end up losing everything. Not what you want to hear and most likely will go with one of the many scammer's that propagate these boards. So will wait for the question in months to come asking I am being forclosed on two homes what should I do?

Answer 2

If you could not get it from your own bank where they obviously have your payment history, then you may be out of lucky right now. Things are tightening up for those who have made bad decisions regardless of the well intended reason.

DO NOT respond to any of the jackasses who dropped their phony ads for you.

Answer 3

Here you can borrow up to 25K hope it helps!

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