where can I get a bad credit loan with a lot of equity in my home?
by Author on Sunday, August 15th, 2010 | 2 Comments
I have bad credit, but lots of equity in my home. Anyone know where I can get an equity loan?
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Definitely not from one of those online credit offerers you already have in response to your query, they are all scams.
You don’t say what state you live in, or how much of a loan you need and what the true equity in the property is, so I can’t offer specific advise. If you have no credit you still can get a hard money loan on a home that has loads of equity. Say under 50% loan to value ratio. But they are expensive (12-15% interest) and they are still interested if you can pay it back, although they will strictly rely on your equity in your property for their pay-back.
Check online or in your local phone book yellow pages for mortgage loans or mortgage loan brokers.
No can do. Credit requirements are quite stiff now, new regulations, etc. Not even a prayer is going to help you borrow money if your credit is rated "fair" or "poor."