Chris G asked:


I had a business failure that caused a personal chapter 7 bankruptcy which was discharged in April of 2007. I currently have a tax lien on the home due to some IRS penalties, interest and taxes owed from the business. I’d like to get a home equity loan to pay off this debt as well as a credit card.

Our current mortgage is at 229,000.00 and the home is valued at approximately 380,000.00 and might be worth more. I need to get 75,000.00 to pay off all debts. I qualify for an FHA mortgage, but due to county limits I can only receive 281,250.00 which still leaves me 35,000 short of paying everything off.

Should I get the FHA mortgage and try to find a small home equity loan, or is there anyone that can deal with a larger home equity loan to pay this off. My credit scores rank between 637 and 661, my wife is between 682 and 704. I currently have a great job that I’ve had for 4 years and make over 80,000.00/year.

Please help.

Thanks.

CLEO