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Old 02-10-2018, 12:06 PM
 
1 posts, read 477 times
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Hello All,
Need advice before I start discussions with banks.
Would like to get a home equity loan to pay all of my debt. Below are my challenges:
[LIST][*]Bankruptcy discharged 6/2015[*]Foreclosure included in bankruptcy. Bank disposed the property 9/2015[*]Own condo full and outright. No current mortgage. Condo value $79,000[*]Would like to get $45,000 home equity loan. This will pay off everything (cars, etc.)[*]Credit Scores range from 601 to 670.[/LIST]What are my options?
Thank you for all your help!
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Old 02-11-2018, 09:32 AM
 
Location: MID ATLANTIC
7,589 posts, read 17,587,935 times
Reputation: 8065
I am sorry to say, I do not know any resources for you at this time.
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Old 02-11-2018, 11:18 AM
 
Location: Phoenix, AZ
1,214 posts, read 472,134 times
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Here's an option. Go to a bank, credit union, or mortgage company and apply for the loan and see what they tell you.


Here's another option. You have a condo that's paid for. Keep it paid for and concentrate on paying off your debts.


Taking out a loan payer loan puts you in debt 15 or 30 years when your current debts can be paid off in a fraction of those years.


I have to tell you. My house has been free and clear of lender vultures for almost 20 years. My opinion: Mortgaging a paid for house to pay debts is foolish.
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Old 02-11-2018, 11:30 AM
 
2,187 posts, read 1,525,944 times
Reputation: 2052
Home equity loan usually require homeowner to have some kind of income as a back up in case you fall default on your home equity loan. If you dont have a stable job, you may not be able to even get a home equity loan.
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Old 02-11-2018, 05:57 PM
 
6,359 posts, read 7,307,042 times
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Quote:
Originally Posted by grnspace View Post
What are my options?
Quit buying stuff on credit.
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