Bad Credit Home Equity Loan

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Hope for Those that Need a Bad Credit Home Equity Loan

Do you need a bad credit home equity loan? Lose hope not because there are lots of lenders that modify offers for people with bad credits. Lenders are using the Fico Method to know the borrowers capacity associated with actually paying bad debts.

Lenders require a minimum of 500 Fico ratings to re-process the loan. Anyone with a bad credit historical past can discuss the unhealthy credit history with loan officers to evaluate the possible alternatives. From the discussion with the history of bad credit house equity loan, the lender may customize a new poor credit home equity loan.

Must be person is resorting to a bad credit home equity loan does not always mean that there are no choices left. In fact, a good person with a negative credit home loan has a lot of options to choose from.

Some lenders advocate the customers and give service which dignifies them. There are loan providers that specialize in bad credit history cases.

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Comments: 73

  1. Graham March 17, 2013 at 3:53 pm Reply

    I straight out own two properties without mortgages on them, how do i get a home equity loan on one of them if i have bad credit?

  2. Ervin June 1, 2013 at 1:53 am Reply

    A while back i took out a Home Equity Loan, well I got laid off last week. I get my last check on the 14th. and according to the unemployment I won’t recieve a check from them until the 28th. What it is is this. I can probably make arrangements with the Utility Companys. But I think this place I took the loan from won’t wait. I live week to week on my paycheck. and I don’t have a savings account. If they put a lien on my house will I lose it? What happens when a lien is put on some property?

  3. Keshia June 2, 2013 at 10:16 am Reply

    I have bad credit, but lots of equity in my home. Anyone know where I can get an equity loan?

  4. Frederick June 2, 2013 at 10:18 am Reply

    my boyfriend and i have bad credit but we own a $85,000 home with no mortgage. the house is paid for. we were looking into getting a home equity loan to pay some back bills off and do home improvements. is there anywhere that we could get a loan even with bad credit?

  5. Meagan June 2, 2013 at 12:11 pm Reply

    I own a single family residence with 3.5 acres of land (completely paid off) that was bought for $69,000. The assessed value is now $46,000. I have bad credit and no job at the moment. Is it possible to get a loan of some sort on the home and land? I need money badly to pay some debt and get back on my feet. Thanks in advance for any suggestions.

  6. Felisa June 2, 2013 at 4:28 pm Reply

    I have alot of equity in my home, i have a good job, etc; my only problem is bad credit. I want to pay off all my bills with just a small equity loan.

  7. Verda June 2, 2013 at 8:48 pm Reply

    I have a poor credit score, but owe very little on my house. I have lots of equity and would like to eliminate the bad debt with a home equity loan. What reputable companies can help?

  8. Cherilyn June 2, 2013 at 9:41 pm Reply

    My credit isn’t perfect and I want to get a home equity loan. What are the qualifications? What lenders look at if you have bad credit? How can i increase the chances of getting one, without waiting for credit to go up?

    Would appreciate if you can answers even one question. I am desparate for good information. Thanks!

  9. Marshall June 18, 2013 at 11:41 pm Reply

    I recently purchased my house and paid cash for it, now i’m trying to get a home equity loan, line of credit or home improvement loan but my credit is 600. So far nobody has approved me, I figured with me owning my home someone would give me a loan

  10. Justin June 25, 2013 at 9:44 pm Reply

    I never even thought about buying a house because I have bad credit. I am fixing it at the moment, but it’s taking time. My friends tell me I could get a loan for a house anyway. Is this true?

  11. Rhett June 25, 2013 at 10:24 pm Reply

    My dad has bad credit and I have tried for months now to find a cosigner for a traditional student loan. He own the house and its worth around 450k. The only options I have found so far are home equity lines of credit but they want you to start paying it back right away. Are there any loans that would allow you to pay 6 months after you graduate? using the equity of your home
    I have already maxed out my unsub and sub stafford loans the school cost 62k a year

  12. Erasmo August 10, 2013 at 11:59 pm Reply

    I inherited my house so it is paid for but I have no money for tuition. I don’t qualify for the pell grant and I need tuition by January 9th so I think it’s too late this semester to get the Stratford loans. Thanks for your time to read this.

  13. Leonardo August 10, 2013 at 11:59 pm Reply

    My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?

  14. Dorie August 10, 2013 at 11:59 pm Reply

    Hello everyone, I need to move to another location. Can I take a home equity line of credit on my existing house to pay for the down payment of a new home, and then sell the first house that I used for the line of credit? Are there any restrictions to do that? Can I avoid the fee that I will get if I sell the first house early? Thanks.

  15. Shena September 21, 2013 at 6:55 am Reply

    I have a mortgage that I am up to date on but I have a $70K equity line of credit or equity loan. It was alot more but when the market crashed, they closed the line of credit because the house wasnt worth as much after that. I am unemployed right now and havent been able to make payments for 4 months. I have had suggestions to let it just go. That nothing could be done to my house. Meaning they cant take it. Is this true? What would happen, other than bad credit, if I cant pay it?

  16. Charlyn September 29, 2013 at 7:19 am Reply

    I need a loan of approximately 30,000 dollars. I work full time (long hours) so getting a second job isn’t reasonable. I do own a condo, however, my father is part owner. I’m not sure if I’m comfortable getting a home equity loan.

  17. Elton October 28, 2013 at 4:08 pm Reply

    I have bad credit and bought a rundown property and fixed it up over time. I used my own money in financing the purchase of the property and have no mortgage. Is it possible for me to get an home equity loan for this property? its market value is around $120,000 and its assessed value is $50,000. Thanks for any input.

  18. Clyde October 28, 2013 at 5:28 pm Reply

    We will be listed as “entering foreclosure” until September, but have already made 5 consecutive payments into the forebearance plan, including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?

  19. Emmy November 2, 2013 at 3:04 am Reply

    I need a loan on my home but my credit score is only 570, due to medical bills, but I own my home outright, paid cash for it, and it is appraised for 119,000 and in a nice area and top school district, where can I get a loan with that credit score?

  20. Kai December 22, 2013 at 6:04 am Reply

    my credit score is very low but i own a $75,000 house with no mortgage. i am looking for some kind of loan so i can do major repairs on my house but i keep getting turned down due to my credit. i have been at my job for almost ten years and make around $300.00 a week.

  21. Britany December 23, 2013 at 5:10 am Reply

    BadGirl has an idea. What if I dump all of my student loans into a refinance and/or home equity (on property I own, but need to unload), and then I decide to bail on that property. It will take me a good 20 years to pay off my large student loan, but how long will it take to recoup my credit rating if I do this? BadGirl thinks it will take longer to pay off the student loan, than rebuild a bad credit rating (and get rid of the student loan debt for good).
    BadGirl was not considering a bankruptcy, just giving the property back to the lender and dealing with the rest. You are right about the fact that I should be smarter, but I actually make about $40K less than I did before I became a teacher, and have more college debt because of it. I was thinking about refinancing with the same shitty company that talked me into the interest only rate to begin with-I thought maybe I could give them some of their “interest” back.

  22. Larry December 23, 2013 at 5:17 am Reply

    I previously asked about a loan while I was unemployed. Well now I’m employed but sunk by debt. Which, of course, has caused my credit score to fall drastically. On the plus side, my home is 100% paid for and I have no mortgage to worry about. Are there any reputable/legit lenders that work with people with bad credit? I’m fine with paying a higher interest rate, but only with a “real” lender.

  23. Wilmer December 23, 2013 at 5:30 am Reply

    Im not quite sure if I should be going to a mortgage broker to apply for one, or just go to each bank individually? Also, are there any out there that do not have a repayment penalty? I am also assuming that once the property sells the loan needs to be automatically repaid.

    I would also like to know how this will affect my credit score. Is it better to have an X amount on credit cards, or have that same amount on an equity loan.
    I already know the whole “you shouldint have gotten yourself into debt” speech. My husband and I paid for our own wedding, therefore the debt.

  24. Cory December 23, 2013 at 11:49 pm Reply

    I have really bad credit, I am in debt and I already have a home equity loan.. where can I go for help?? I want to avoid bankruptcy. Please help.

  25. Lorie December 24, 2013 at 5:39 pm Reply

    A friend went to a Finance Co. and got a $5000 Home Equity Loan last year at a high interest rate. Well he got laid off from his job last month and probably won’t be able to make his payments. What is the worst thing that can happen? and what do you think would probably happen?

  26. Keith February 2, 2014 at 6:25 am Reply

    My husband and I want to buy a house. We already have 2 houses, they are both being leased to own and we can prove it. My husband has had the same job for 25 years and has a decent income. We will only be using his credit. We have a trust account with 2 times as much money in it as the amount we want to borrow. We do not want to pay cash, we want to get a loan. The hitch is that we have bad credit at the moment. We just paid off all of our debt, all we have are the 2 houses but over the last 2 years our credit has suffered due to a bad financial situation. Does anyone know if there is any chance of people with our scenario getting a home loan? Any info will be appreciated!

  27. Loni February 2, 2014 at 6:54 am Reply

    I own two debt free rent houses that are valued at a combined 140,000 (apprasil district figure) and bring in a combined 1495 monthly rental income. I am wanting to pull some captial out of theese two properties for another investment oppurtunity. Would a home equity be the best method? What ratio of the 140k would a bank lend up to? Mainly Im just looking for the lowest closing cost and interest possible. My Fico is only high 600s(nothing truly bad on there just a short credit history because im in my mid 20s) thanks in advance

  28. Franklin February 2, 2014 at 7:17 am Reply

    If I plan to sell my house within the next 1-2 years is it a bad idea to take out a home equity loan or line of credit?

  29. Keshia February 2, 2014 at 1:35 pm Reply

    anybody had luck with beneficial mortgage

  30. Brian February 2, 2014 at 1:40 pm Reply

    I’m 18 years old and i want to start my own business. can i get a loan at my age?

  31. Sol February 6, 2014 at 4:50 am Reply

    ok here goes im trying to buy my first home. have little to no money to put down. credit not that great does anyone know of a place in kc mo that will help me asap

  32. Britt February 20, 2014 at 6:34 pm Reply

    i need a bad credit loan for 15,000 to pay off all my husband dose not whant to go to debt is ther a bad credit loan or leander??

  33. Lavern February 21, 2014 at 3:02 am Reply

    I have bad credit and I wanted to know where i could go to get a personal loan. my debts have been consolidated and I’m caught up now. I just need a personal loan

  34. Jacki February 21, 2014 at 9:51 am Reply

    We have our current house listed for sale for 125,000..Our payoff is 42,000…We made a contingency offer on another house for 60,000 but they received another offer today so they are needing the money or pre-approval letter by friday.. Our credit is not so good because of a workers comp issues last year but we plan on paying off both the 42,000 and 60,000 when our house sales which should be within the next couple months…..Any ideas what we could do or who to contact? I called a some local banks but they are not doing the bridge loans any longer and said credit usually has to be good for equity loans…..Thanks!

  35. Jolene February 21, 2014 at 10:22 am Reply

    is 18.5 % interest high for home equity loan?

  36. Jody February 21, 2014 at 10:22 am Reply

    I’m in the process of buying a forclosure for aprox 1/3 of the tax value.
    It is a cash only deal, the bank will not accecpt an offer based on a loan. The bad part is it will take almost all my money to buy it. And I have to build a garage for my work.
    I want to take a loan out on the house, but I’m scared I won’t be able to.
    The house is a two story home built in 88, the tax value is $117000
    I need to borrow $30,000 to build my garage. I need to keep the payments low, so I want a 15 yr loan.
    I’m not married yet, but could be if it will help the loan.
    My credit is bad , my future wife has poor to fair credit.
    I have put in for a loan for me and for me and my future wife as unmarried, on lending tree. With no luck at all! Does this mean we will not be able to get a loan?
    It seems to me that any bank would love this offer, $30,000 on a home with $117k.
    What would be the best way for me to get a loan, I have to get a loan or I can not buy the house. I have to have a large garage or I don’t make any money. Thanks
    Ok my bad , I thought they would rather go off tax value since it is the lowest. I had it app last week for $134,000

  37. Gayle February 21, 2014 at 11:10 am Reply

    I do not have the best credit but a home equity loan would help me out a ton and get my credit back to normal….are there any banks willing to help people with low credit?

  38. Lorna February 21, 2014 at 11:10 am Reply

    I do own my own home but am still paying off my mortgage. My son needs more money for college and we’ve tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I don’t know if it’s a good idea though.

  39. Marguerite February 21, 2014 at 11:10 am Reply

    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.

  40. Bee February 21, 2014 at 11:14 am Reply

    DO you have to have excellent credit? My husband is doing all of the paper work but his credit is not outstanding but it’s better than mine

  41. Nicolas February 21, 2014 at 11:14 am Reply

    I live in Texas.I need to do home improvements.
    its not a trailer.I dont have any credit cards either.
    I don’t owe it
    I believe that s how much its worth because thats what my tax statement says.Is this the value?

  42. Ryan February 21, 2014 at 10:19 pm Reply

    My husband was ill for many years before he died, and we went through a vicious cycle of slow credit, chapter 13, and chapter 7. His insurance paid off the house. It is my only asset, but because of my credit situation, I cannot get a loan. I am once again caught in the cycle of slow pays. I have a very decent monthly income, but I am constantly playing catch up, so I can’t get ahead.

  43. Ethan February 21, 2014 at 10:19 pm Reply

    We are currently working on improving our credit but our scores are still poor. The average of our score with all 3 major credit bureaus is around 580 with our highest score 603 and lowest 560. Our house is paid off in full and is valued around $135000. Is it possible to get a loan with our credit score? We do not have any major debt. We do have a credit card that we are using to help improve our credit score which we pay off every month. The only other debt we have are some medical bills. My wife and I both work and we gross around $7000 a month. We are hoping to find a loan so we can help with medical bills due to our child who has a disability and to get him the extra educational help he needs.
    I’m know if we could find a lender that would approve us we would be paying a high interest rate due to being high risk. But with us having our house paid off would we still be able to find a lender?
    Thank you all in advance for your help!
    I am a veteran so I am eligible for a va loan. I’m not sure if that will make a difference or not.
    We are in our mid 30’s so a reverse mortgage is out. We are only wanting around $25000 give or take. We do not plan on selling our house. We make a decent income, just want some to pay off a few medical bills (about $3000) and want to put the rest in savings for help with our son and a buffer. We plan on doubling up on payments also. We are just kind of in a bind right now. Also the loan will help get our credit back on track. The one thing that is hurting our credit right now is we don’t have much for credit. Our vehicles are paid off. Our credit was hurt due not being able to work for awhile and got behind on bills so we had late payments. Was just hoping someone knew if it is possible to get a loan with that low of a credit score with a house that is paid off.
    Thank you for the answers!

  44. Sean February 21, 2014 at 10:19 pm Reply

    Can someone please explain to me how home equity loans work?

  45. Aaron February 21, 2014 at 10:19 pm Reply

    i have recently moved into an apartment, the problem is that the landlord doesn’t want to fix any of the problems that it has. i didn’t realize that it had the problems that it does, ( water leaks, cracks, no screens on the windows, etc.) otherwise i wouldn’t have taken it but it was in fact the only place that didn’t take my credit into consideration. i have a credit score of about 467 and i really don’t want to spend the rest of my life renting from slum lords because that’s the only place i can get in at. i do have a full time job but i know it takes a while to repair credit. and i want to buy a house. my children deserve that…. what i’m asking is for any advice that you might have to tell me where i can apply for a loan to get approved. i would really appreciate it.
    thank you

  46. Johnna February 21, 2014 at 10:49 pm Reply

    I owe nothing on my house its paid off and in my name. The house its self is worth about $35k-$40k. My credit sucks right now and i wanted to know would i be able to take out a small equity loan out on the house to pay off a few of my debts and fix up the house? I know i’ll most likely get a high rate because of my age and credit rating. But i just didnt know if they give home equity loans to people w/ “crappy” credit.

  47. Lou February 21, 2014 at 11:56 pm Reply

    I need to switch credit cards due to my variable rate going up, however, I’m looking at a home equity loan within the next month. Would the credit card switch affect my equity loan?
    I ended up calling my bank. They said it was best to get the loan first.

    I don’t need a lecture about credit card debt. My only credit card debt is from grad school classes, which is being paid back from my work. I just have to wait a semester to get it back. My wife and I both have a credit score of 750+.

  48. Jeanene February 22, 2014 at 5:24 am Reply

    we just purchased a house cash with money made from seasonal business. Reo property for under 20k. house is worth 140k. it needs work plus we want to open another office for our business. is it possible that a bank would give us a home equity loan for bout 50k? we have stopped paying credit cards for about 8months and we r so upside down we want to settle but we need more cash to do that? any advice?? also i work a full time job that I have had for about 1yr making about 3k month.that is the only income. reason bills got behind was out of work for a period of time.

  49. Tristan February 22, 2014 at 5:25 am Reply

    We own our home, but have only been in it for about 2 weeks. So, my question is this: we have bad credit like 500, but need a loan for improvements & to pay off our car. Where do you suggest going? What institutions? the house is in great shape & worth a lot of money. Also, can i do a refinance cash out since we don’t have a mortgage will that work? Or am I just looking @ a home equity loan? Thanks in Advance
    Sorry I didn’t clarify, we were gifted the house so we have nothing but equity in the home 😉

  50. Bettina February 22, 2014 at 9:03 am Reply

    My husband and I would like to get a loan to fix up our house we plan to sell in 9 months. The house is in nice condition as we replaced everything and remodeled all the rooms except the kitchen that has very outdated cabinets/counter tops. We are going to replace all cabinets, counters, fix our hard wood floors in the living room and paint most rooms to freshen them up. We will need less than $10,000 to borrow. What is a equity loan and would it be better to get a personal loan or equity is ok?
    We’ve owned our home for 6 years and refinanced over 4 years ago for a lower int. rate. We are going to fix up the rest of the house and sell.
    I live in PA. We paid about $104k for the house. We fixed it up and owe about $79k on it yet. the market for houses in our area are really high right now. A house across from us 60’s inside, bedroom went for $145k. Ours is 3 bed, 1.5 bath, one bay attached garage, central air, 2 fire places, hard wood floors in living room, new carpet in all three bedrooms, new bathroom with spa tub, laundry room, unfisnished basement on 1/2 acre located in a spaced out development. We’re guessing the least we would get is $140-150k.

  51. Hollie February 22, 2014 at 9:04 am Reply

    and how does it work? Please give as much info as possible. Thanks to all who answer =]

  52. Marion February 22, 2014 at 9:04 am Reply

    House is paid, want to put a loan against to start bussiness. Where to go what to do. Likely want a loan that is easy to add to. preffered fast approval.
    nice point, but I’m not to worried about loss.

  53. Blaine February 25, 2014 at 1:12 pm Reply

    I need a loan for upgrades on my house and a wedding. I have Bad credit its about a 540 (i know its bad) i have no mortgage paid for the house cash the estimated property value is for about 64000 i need about 15,000-25,000 . I also do not have any other bills like car payments everything i have i paid for in full if that makes a diff … if anyone could tell me what lenders are more likely to give me a loan that would be much appreciated.

  54. Laurence March 6, 2014 at 3:59 am Reply

    Hey everyone, i have a question. I owe about 30-35k in credit cad debt with high APR’s(13.99%) . I want to consolidate my Credit cards and get rid of them forever ( darn things!), I live in California and own a house in Washington. I owe about 145k on the house and it was appraised at 235k. I want know if this is a idea to do? Sorry if this sounds odd. I make my payments on time I just to want to get rid of these Credit cards forever! thanks for any advice


  55. Norberto March 7, 2014 at 2:57 am Reply

    good income alot of outstanding debt like to pay off bills bad credit falling behind in mortgage
    how do you get help from your bank or goverment ???? they say there are plans to help us , stop forclosure , but how they say because you are behingd in payments we cant help you. So why do i need help if i can make my payments????? makes no sense cant get loan modification, cant get nothing so where is all the help we are supposed to get??? dont see it!!! I have proof that i can afford new loan with paying off the other debt own my home just dont get it>>???? anybody out there got an answer!!

  56. Reginald March 8, 2014 at 7:45 pm Reply

    I have bad credit but I own a home. I’m looking for a legit place to get a equity loan even with bad credit. Can anyone help?

  57. Sherwood March 9, 2014 at 1:05 am Reply

    my home equity about $75,000, never have second lien, never have home equity loan, but i have bad credit score 520, how do t get at least $10,000 out from my equity? can’t refinance because bad credit, what is the solution ? my emil

  58. Rey March 11, 2014 at 9:35 pm Reply

    My husband and I are looking to get a home equity loan to consolidate our credit card debt. We own our home and have no mortgage. I normally would not even think about doing this but I suddenly lost my job when we found out I was expecting so now I am working at a job making $8.00/hr and it severely affected our income. We do not use our credit cards and I was on a roll paying them off but now I don’t know what to to because I am paying only minimums (which I HATE doing!), and I would like to pay off a few credit cards before baby comes. We applied for a home equity loan and told them exactly what we were using the money for. The bank offered to pay them off directly if we were approved but we were a few points short on our credit score to be approved. Should I try another bank? Or do you have any other suggestions? I am very frugal with my money so don’t tell me I need to budget better. We cut out any additional spending. Please don’t tell me I should’ve had my finances in order before we got pregnant. If you have nothing nice to say please keep your comments to yourself. Any good advice is welcome 🙂 Thank you!

    **I do know the risks of this and that is why I said we don’t use our credit cards. They are cut up and were used for things such as home improvements when we first bought the house and stupid things when we were in college.

  59. Donella March 11, 2014 at 9:36 pm Reply

    what is a home equity loan?

  60. Lorriane March 11, 2014 at 9:36 pm Reply

    my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for a loan that works with the better business bureau. i want to make sure its legit.

  61. Bennie March 11, 2014 at 9:37 pm Reply

    Just inherited childhood home. There is no money owed on the house so its 100% equity. The house is worth at least $140k. My husband and I have bad credit due to medical bills because of husband’s disability. We would like to borrow $25k to clear up debt and do some repairs on house. We have steady income, same incomeb amount every month and direct deposit. How hard would it be for us to get s home equity loan for $25k with our poor credit?

  62. Lorna March 11, 2014 at 9:37 pm Reply

    hello I own my home its paid in full. my credit is not good I owe about 15000 in cards and 10000 on my car my home is estimated at 144000 I need a medical procedure done asap, I have applied through bank of america and nation wide both denied me. I wanted to ask for about 30000 and pay all my cards and car. any suggestions please!
    I DO NOT want to sell my home. I would like to consolidate my credit. Please Don’t be nasty or give ignorant suggestions
    I DO NOT want to sell my home. I would like to consolidate my credit. Please Don’t be nasty or give ignorant suggestions

  63. Porter March 14, 2014 at 11:02 pm Reply

    My FICO is about 560 and I have a little over 20% equity in my home. I have been offered a refinace, but the terms really scare me. My financial situation would be much better served with an equity loan than this refinance. The closing costs take up too much of the amount I’m borrowing and it’s an adjustable rate mortgage that starts more than 3% higher than my current mortgage. Any suggestion???

  64. Graham March 14, 2014 at 11:03 pm Reply

    I own the house its paid in full
    And won’t get approved 🙁
    Credit score 540
    Have a great salary
    But In need to fix some Debts that have me not getting approve any where
    Plz don’t say smart ass comments
    I’m human and yes I screwed up my credit lol

  65. Dominick March 14, 2014 at 11:03 pm Reply

    Wanted to know if it would be a good idea to get a home equity loan to pay off my mortgage, truck, and a couple other bills that i have? I have heard that u can take the interest off taxes but don’t know

  66. Ross March 25, 2014 at 4:26 am Reply

    I inherited a house when my father passed away, the house is worth about $530,000. I wanted to get a Home Equity Loan with the house as collateral for $100,000. Mainly want to use the money to pay off debt, fix up the house, and my daughter starts college in 4 months which I need to pay for as well. I was denied for having a 668 credit score from a local bank (TD). My income is about $5,000 a month from retirement + social security. The loan was only about $600 a month for 30 years at a fixed rate. I am $18,000 in debt (maxed credit cards paying minimum payments). Regardless, I can easily afford this loan with my income and budgeting.

    This makes no sense. Why would I be denied when my home is out right paid off. I plan to sell the house after my daughter has graduated from college but I have no intention of moving until then. Whats the point in paying off the house if you can’t get money out of it. I am need of this loan and I am not sure how to go about getting one. I need serious help. I have no one to co-sign with good credit.

    What are my options to secure a loan given my situation? Thanks so much

  67. Alberto March 26, 2014 at 11:01 am Reply

    Need a loan to pay for serious repairs needed on home.Husband has had job only 3 months and me no job(small children,disabled) OUR credit well below magic number of 650.
    Upside we dont owe anything on the home.Do you know names any companies out there or are they gone with the credit crisis?

  68. Fidel May 6, 2014 at 12:15 pm Reply

    What is the point in the bank giving out a home equity loan? If the borrower has more equity due to an increase in the value of his/her house, shouldn’t the borrower be using some of that extra money to pay off the mortgage rather than asking for a second loan? Why does the bank agree to a second loan?

  69. Mariann May 18, 2014 at 11:49 pm Reply

    We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we’ve only been in the house for two months. I’m being told that most companies require 6 months to 12 months seasoning to get a home equity loan. Any suggestions?

  70. Jaime June 1, 2014 at 11:05 pm Reply

    I got 4 credit cards from 4 different banks. Can I use the personal loan or home equity loan to pay all my balances from these 4 credit cards?

    For example, I got a total of $4000 debt, each credit card got $1000 balance, can I pay them all using my Personal loan from Chase?

    Because I was thinking like, I can only use the Loan “from Chase” to pay for my debts on Chase.
    Is there a difference between Personal and Home Equity Loans?

  71. Dell June 1, 2014 at 11:05 pm Reply

    What is the maximum amount of time you can file your interest from a home equity loan? Also, if you do not file it, would it matter?

  72. Mike June 1, 2014 at 11:05 pm Reply

    I’m just wondering since it shows 0 balance, if the bank decided not to file a deficiency judgement against me. The first loan shows, Foreclosure Collateral Sold – A date that it was open and closed – and it shows what year it will be removed from the credit report. The Equity Loan shows, Transferred to another lender – open and close date, and a date paid(which is the same as the close date)

    It was a non judicial foreclosure. And I live in Missouri, so they have the right to pursue a judgement…but I hear they rarely do, unless they see you have the assets to make up for some of the losses.( And believe me, I do not)

    Any help would be greatly appreciated, over and beyond the points you get for best answer. Thanks! If you need any extra info, just let me know.
    So what would be your advice to do? I don’t want to file bankruptcy, unless its absolutely necessary. So, since the balance on the first loan is at 0…does this mean that the bank didn’t file a judgement? I’m not sure where to find out how much the house sold for, or where I should look to see if a judgement has been filed… Help finding those two things would help out alot.
    Ok, so the first mortgage loan is considered satisfied…does this mean it is not being handled by a collection agency who will try to collect the money? If that is the case, it will just show on the credit report as a foreclosure until the date it shows it will be removed? Is this correct?

    I’m thinking the same about the equity loan…I just didn’t know why it showed the balance as 0, I guess I was hoping it was all in the past. So if the equity loan should arise from the dead, meaning the collection agency it was transferred to should happen to start wanting money…should I try to settle something with them, do nothing, or file bankruptcy? Your opinion, please.

  73. Kathy June 21, 2014 at 11:29 am Reply

    I’m trying to find out info on Home Equity Loans. The house I live in was built in the 1960’s. It is already paid off, so it has no mortgage involved anymore. The foundation is still solid, however there are many cosmetic issues I would like to address. My question is, what requirements do I need to have to get a Home Equity Loan and what amount can I borrow from the house to make these updates to the house? Any and all info you can give me would be much appreciated. Thank you in advance for any help.

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