Posted on: 15th Feb, 2011 05:26 pm
i have had a mortgage on my house for 12 plus years not paying 1 payment late, would like to pull some cash out to pay cc & med bills my credit has been beat due to the med bills what can i do?
hi guest,
if you have equity in your property, then you can go for a cash out refinance. however, with a bad credit, none of the lenders will be ready to give you a cash out refinance. you will have to improve your credit score and then apply for a mortgage.
thanks
if you have equity in your property, then you can go for a cash out refinance. however, with a bad credit, none of the lenders will be ready to give you a cash out refinance. you will have to improve your credit score and then apply for a mortgage.
thanks
You might find a lender who will take a flyer on your "bad" credit and give you cash out, but that will largely depend on the equity position you're sitting in. If you owe less than 50% of the current market value, for example, you might just find a reasonable lender to do what you wish. Just don't go looking for rock-bottom rates, because they simply don't exist for "bad" credit borrowers.
The only way in which you'll cash out is if you've got oodles of equity. Be prepared to pay far more than you ever anticipated for the privilege if it's offered to you.
The only way in which you'll cash out is if you've got oodles of equity. Be prepared to pay far more than you ever anticipated for the privilege if it's offered to you.
