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Need Equity Out Of My Condo That I own Outright But I Have Poor Credit.
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jakeson
Posted 3/27/2009 8:35 PM (#1944)
Subject: Need Equity Out Of My Condo That I own Outright But I Have Poor Credit.
I own my condo outright and do not have a mortgage on it. I have not been able to work for the past 14 mos and just had back surgery in Jan. During that time my credit has probably fallen into the 500s. I am now returning to a job. My question is. I would like to get a loan or a line of credit but with no income til next week and a low credit score I dont think I can qualify for a loan. Is there a lender or a private investor that would qualify me for a loan. I would like to borrow about 15k to get current on my bills and payoff medical bills. I have 100k in equity but cannot get to it. Can anyone offer me any info or help?
dcdubbs
Posted 5/31/2009 4:02 PM (#1961 - in reply to #1944)
Subject: RE: Need Equity Out Of My Condo That I own Outright But I Have Poor Credit.
wih a 500 FICO and spotty work history you are going to have a hard time finding a lender- not to say it can't happen just unlikely.
The one thing you do have on your side is a super low Loan to Value ratio.
If you have been paying your mortgage on time- you may want to check with your current bank- since you would have a good track record with them.

Here are some tricks to improve your credit score in the meantime-
http://www.bankapedia.com/mortgage-encyclopedia/faqs/518-how-can-i-raise-my-credit-score
sharon
Posted 7/9/2009 7:34 AM (#1988 - in reply to #1944)
Subject: RE: Need Equity Out Of My Condo That I own Outright But I Have Poor Credit.
Hey thr r an array of lenders who provide secured loans 4 people with bad credit who have a property. here the interest rates r low since the asset assures the lender...however thr is a limit to the amount of money u can borrow which is dictated by the amount of equity available on ur property.One of the other advantage is that u can consolidate all ur other loans in2 one,so that u can have only 1 monthly installment 2 pay... thus in the process reparing ur credit card... :)
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