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Home Equity Advice

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Anonymous
Not applicable

Home Equity Advice

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:

  • Bankruptcy discharged 6/2015
  • Forclosure included in bankruptcy. Bank disposed the property 9/2015
  • Own condo full and outright. No currrent 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.

What are my options?

Thank you for all your help!

2 REPLIES 2
MauiMan85297
Established Contributor

Re: Home Equity Advice

FHA loan would do 85% LTV and ok with those scores if they're your mid mortgage scores, foreclosure too new for a Conventional.



Message 2 of 3
Anonymous
Not applicable

Re: Home Equity Advice

You wouldn't be paying off debt. You'd just be moving it around. Just buckle down and pay off your debt.

You OWN YOUR HOME. Not many can say that. Taking out a loan is not paying off debt, it is changing who you make payments to.
Message 3 of 3
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