HELOC 10-15,000 w/low fico

[Anonymous]

I'm looking to get a HELOC for about 10-15k  to consolidate my CC's.  I have 2 CC's, a B of A (9.99%)  and Providian (29.09%). The providian is killing me so i was looking to get a HELOC to pay less on the interest. My mid score is 600, I recently had a foreclosure this past August.  My brother and I are co-owners and the property is in CA (bay area) and worth about 475,000 and we owe 405,000.

Which banks accept low fico's?

Thanks 

[ShanetheMortgageMan]

Most lenders don't allow low FICO's for 2nd mortgages, US Bank offers them but they still require 640-650.  The recent foreclosure is going have more negative impact than your low FICO's though, 2nd mortgage lenders usually require no foreclosures, or at least none in the past 4-7 years.  Since you are in the bay area I'd try Patelco CU, they are based in San Francisco... no guarantees that they'd work out though, but I know they are lenient towards bankruptcies so their foreclosure guidelines could also follow suit.

Message Edited by ShanetheMortgageMan on 11-07-2007 07:59 PM

[Anonymous]

Thanks for the info Shane, that's pretty much what i'm finding out about the foreclosure.  I have no other lates on my credit besides the foreclosure lates.  I have no problem making a $4-500 payment a month for the loan, but i just can't find a company willing to take a chance on me.  I tried Patelco a few months back when i was in the foreclosure process but they denied me.  I also tried B of A because i currentley have a CC, Mortgage and checking account with them but they denied me because of the foreclosure.

[ShanetheMortgageMan]

Welcome... unfortunately I think you are going to suffer the same fate regardless of what bank you try to go with.  The most likely banks will be ones you have pre-existing relationships with, but as you can see, even BofA had an issue with the foreclosure.  What do you need the funds for?

[Anonymous]

I want to consolidate some credit card issues that i got into because of the foreclosure.  I put a couple of payments on my CC, I was late to pay my card (maybe a day or two late).  So the card defaulted to 30%.  I'm paying $175 in just interest for that card which is BS.

[ShanetheMortgageMan]

Ouch... I'd just continue to pay on the card and after 4-5 months of on time payments ask for a reduction in interest rate via a "goodwill letter".

[Anonymous]

They closed my account on accident and can't re-open it because of my credit.  What if i got a co-signer for the HELOC or a personal loan.  Would i get accepted with the recent foreclosure?

Thanks

[ShanetheMortgageMan]

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Wally wrote:

They closed my account on accident and can't re-open it because of my credit.  What if i got a co-signer for the HELOC or a personal loan.  Would i get accepted with the recent foreclosure?

Thanks

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If you are on the HELOC/personal loan your credit history (foreclosure & all) will still be taken into consideration... regardless if the co-signer lived in the property or not.  If the other individual took out a personal loan only in their name then your credit score/history wouldn't affect things.