jeff asked:
I am currently in a bad financial situation. I have terrible credit and can’t even get approved for a new credit card. My monthly payments on my car and credit cards are too much for me to handle. Recently, I have even been having trouble making my mortgage payment. The sad thing is that my mortgage payment is currently only $900. I currently owe $12,000 on my mortgage and my house is worth anywhere between $600,000 and $800,000.
I want an equity loan of $100,000. I will use this money to pay off all other debt and help fund my son’s college education. I do have steady income and will have no problem making the payment on this loan.
Are there any good company’s that will finance my loan? I am afraid that if I apply to too many places I will ruin my chances of getting the loan because I know that each failed application has a adverse affect on my credit score. Any help is appreciated.
HECTOR
I am currently in a bad financial situation. I have terrible credit and can’t even get approved for a new credit card. My monthly payments on my car and credit cards are too much for me to handle. Recently, I have even been having trouble making my mortgage payment. The sad thing is that my mortgage payment is currently only $900. I currently owe $12,000 on my mortgage and my house is worth anywhere between $600,000 and $800,000.
I want an equity loan of $100,000. I will use this money to pay off all other debt and help fund my son’s college education. I do have steady income and will have no problem making the payment on this loan.
Are there any good company’s that will finance my loan? I am afraid that if I apply to too many places I will ruin my chances of getting the loan because I know that each failed application has a adverse affect on my credit score. Any help is appreciated.
HECTOR
IRWIN
You don’t have a chance. All credit is incredibly tight right now and virtually no banks are granting home equity loans. Plus, you don’t have the income to repay the loan. If you need to pull money out of the house, you will have to sell it.