Posted on: 16th Dec, 2010 08:46 pm
i live in texas and i am tryig to get a loan to pay off high interest cards. i got behind on my credit card payments and has affected my score. i think it is below the 620. i own my house and owe $20k mortgage, my bank will not refinance and don't qualify for reverse mortgage and it is not an fha loan. house is appraised at $95k. i pay $1k per month and have never been late. i don't care about a higher interest as long as i can pay off my credit cards.
hi lgonzales,
you won't be able to qualify for a home equity loan with low credit scores. you will have to improve your credit scores and then apply for a loan. you can take a look at the given page in order to know some tips to improve your credit scores:
http://www.mortgagefit.com/credit-rating/credit-repair.html
you won't be able to qualify for a home equity loan with low credit scores. you will have to improve your credit scores and then apply for a loan. you can take a look at the given page in order to know some tips to improve your credit scores:
http://www.mortgagefit.com/credit-rating/credit-repair.html
>>and don't qualify for reverse mortgage
Why? Are you too young?
Why? Are you too young?
Yes, and my house belonged to my great-grandparents so there is no way I am going to loose it. I make sure I pay my mortgage first then I worry about the credit card payments, that is why I am behind on a couple.
You can take out a new first mortgage and pay off your credit cards. What are your credit scores?
It is under the 620, don't know what it is now B. O. A. has not responded to my request to refinance. I guess they don't care about my other debts as long as I pay them. I've tried other mortgage companies and they say my score is below the 620 and they can't do it. It is not an FHA, Fannie or F. Max.
If you're at 600. You'll still be able to take cash out up to 85% of your homes value. What state do you live in?
I live in Texas, it's a small rural border town. There is a shortage of houses due to high employment of border agents.
It would be great if I could get even 60% of the 95$k valve.
I would even settle with just refinancing my current loan balance of 26$k and $1,053.00 a month.
It would be great if I could get even 60% of the 95$k valve.
I would even settle with just refinancing my current loan balance of 26$k and $1,053.00 a month.
Hi Lgonzales,
You will have to contact your lender and discuss your situation with him. The lender will let you know whether or not you will be able to get a refinance.
Thanks
You will have to contact your lender and discuss your situation with him. The lender will let you know whether or not you will be able to get a refinance.
Thanks