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We are looking to get a personal loan for 40,000 to pay off credit card debt. We are both disabled and receive social security, and I have a State of Florida retirement income. The total household income is $58,343.76. It is hard to find financing for a 1980 mobile home with real property, please advise me if you have any information that may help us. Our credit scores have fell over the past couple of years due to this credit card debt, I believe we have a combined score of about 730, payment record is excellent. We own the 1.3 acres with the MH no mortgage at this time, it is our second home.
Thanks,
Lindy

jenkin7 · Posted: Tue Apr 27, 2010 9:27 pm Post subject:

Hi lindyw,

Getting a personal loan of $40,000 will not be easy, especially when your credit scores are not very good. I'm not sure what you mean by "a combined score of about 730". Lenders consider your middle credit score while determining your eligibility for the loan. What is your middle score? Even if you get a personal loan with not-so-impressive credit scores, the interest rate would be high.

If you have too much of credit card debts, you may think of consolidating them through a debt consolidation program. When you take a loan to consolidate your debts, you get trapped in a new debt obligation. In contrast, in a consolidation program you do not have to take a new loan to pay off the existing debts. The consolidation company will negotiate with your creditors to reduce the interest rates, etc. You just have to make a low monthly payment to the consolidation company and they will pay off your credit card debts.

Guest

Thank you for the quick response, my husbands FICO score as of 4/18/10 was 738, my score as of 4/18/10 was 718. Are these considered bad scores?
Lindy

savior70 · Posted: Fri Apr 30, 2010 12:27 am Post subject:

To lindy,

Credit scores above 700 are not bad scores at all. These are in fact very good credit scores considering the fact that there are lots of people who are facing foreclosures, short sales, etc and struggling with their bad credit scores. However, getting a loan against an used mobile home is a bit difficult. Most lenders do not offer such loans in this market. There are a number of lenders in this market with whom you may go for a no-obligation free mortgage consultation with them and check out if any of them can help you with the loan.

Which state are you in? Most Housing Authorities have special loan programs for people who are disabled. Have you checked with your State Housing Authority if they have any special program to help people like you?

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