we have a lot of debt and would like to take out a secound mortgage. Where could I look with somewhat bad creidt? I know dont say get ur spending under control becouse we have and have cut them all up but still need to pay off.. so where could I look?
2007-08-31 04:55:46 · 4 answers · asked by mlscsp2 1 in Business & Finance ➔ Credit
This question brought the wolves out of the closet, to be plain and precise nowhere. Question is how much equity do you have in your home? If you have less than20% then your options are pretty much nil. In todays market the subprime loan market is gone, the Alt-A is gone, and the prime is under tougher standards. If by chance you do find a loand shark, and they are out there willing to loan you money be prepared to add yourself to the milions that will be facing foreclosure in the nex few months.
2007-08-31 13:59:38 · answer #1 · answered by Pengy 7 · 1⤊ 0⤋
Currently banks are not likely to lend with bad credit. I would advise talking to a credit counselor with a non-profit group to try to avoid the second mortgage. You don't want to get in with a shady group and take out a 2nd that you can't afford and lose the house. Be very careful!
2007-08-31 05:06:33 · answer #2 · answered by VAgirl 5 · 1⤊ 0⤋
because of the subprime market, it would be very difficult
to get a second mortgage.
2007-08-31 05:09:17 · answer #3 · answered by Anonymous · 1⤊ 0⤋
its hard right now but i have seen household fin and american gen
expect rates over 12%
2007-08-31 05:35:03 · answer #4 · answered by Boston George 3 · 0⤊ 0⤋