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Old 05-27-2012, 08:31 AM
 
1,153 posts, read 3,127,919 times
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own home outright......poor credit (working on it).....need to make repairs on home to be able to live in it......any lenders out there u know who would work with us.......thanks
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Old 05-27-2012, 09:12 AM
 
Location: southwestern PA
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What did your local bank tell you?
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Old 05-27-2012, 04:37 PM
 
1,153 posts, read 3,127,919 times
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Default Didn't try them ....afraid to call......sounds silly right.......

was thinking of trying them.......my goal this week is to find a lender to help us out.....we're looking for @40k to make repairs......
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Old 05-27-2012, 08:16 PM
 
Location: Ontario, NY
2,712 posts, read 6,228,417 times
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What's the house worth? As for letting a lender find you, have you considered something like Lending tree? I don't know if I'd be too comfortable providing all of my personal information, including my Social Security information to some stranger on City Data Forums that claims they are from ABC mortgage company, send me your information and I'll see what I can do for you. You might find a couple of new credit cards and loans in your name you don't know about.

I guess it would depend on what the value of the house / property is. If it's valued at as 200k, I don't think you would have too much trouble getting a mortgage for it even with lousy credit. On the other hand, if it's only valued at say 60k, a lender may not think it's worth the risk. With poor credit, it will be most likely be at a interest higher rate.

Last edited by TechGromit; 05-27-2012 at 08:30 PM..
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Old 05-27-2012, 08:53 PM
 
590 posts, read 2,086,022 times
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Judging by some of the OP's other posts, I wonder what the real situation is. This is the same poster that asked if they could get a mortgage on a house without running water or heat. Now they suggest they have a home outright but it needs major repairs to make it livable. Which is it?
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Old 05-27-2012, 09:05 PM
 
13,050 posts, read 15,409,617 times
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Quote:
Originally Posted by md21722 View Post
Judging by some of the OP's other posts, I wonder what the real situation is. This is the same poster that asked if they could get a mortgage on a house without running water or heat. Now they suggest they have a home outright but it needs major repairs to make it livable. Which is it?
I didn't take it to mean the poster wanted a mortgage to BUY the house, but rather that they already owned the house but it is without running water or heat and they needed to borrow money against it for the repairs. They could have bought the house with cash. In fact if it is without heat or running water they probably DID buy the house for cash. When I sold my mom and dad's houses (their own and a rental house) after they died, when the real estate inspection was done the utilities all had to be working and the air conditioner and furnace had to be working. So I doubt the OP borrowed money to buy the house, but rather was looking to borrow money against the house for repairs after they already bought it.
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Old 05-29-2012, 09:18 PM
 
Location: NJ
2,212 posts, read 6,343,350 times
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Quote:
Originally Posted by md21722 View Post
Judging by some of the OP's other posts, I wonder what the real situation is. This is the same poster that asked if they could get a mortgage on a house without running water or heat. Now they suggest they have a home outright but it needs major repairs to make it livable. Which is it?
Actually, same poster posting elsewhere that this is a reverse mortaged property currently being foreclosed on. I think he/she has hit the end of the road and is desperate.

OP - your best option may be to sell this property and get out of the mess with at least some cash in hand. It sounds like you are looking for more debt to deal with a situation that is out of control and a property that needs SERIOUS work. It will be nothing but a money pit.
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