cancel
Showing results for 
Search instead for 
Did you mean: 

Urgent Help Needed! Trying To Avoid Loss Of Home

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Member

Urgent Help Needed! Trying To Avoid Loss Of Home

Hello, hoping someone here can help me with some advice.

 

My credit scores are;

 

Experian: 801

Equifax: 697 (has former missed payments on a mortgage as history from a number of years back)

Transunion: 753

 

I have one credit card with a zero balance and a $1,700 available limit. I have a car loan, initially around ~7k that is down to around ~3k left on the loan. No missed payments on either of those. Aside from that, I don't have much of a credit history prior to 3 years ago. 

 

I make $53k a year, but only started my job a little over a month ago. Prior to that wasn't working for a year and a half due to illness. Before that was making $100k a year but job ended due to illness. 

 

I had a couple of years of financial trouble which caused me to fall back on taxes on my home and unless I can come up with 35k in the next two weeks and make a payment to the government tax office I will end up losing the home.

 

Aside from the car loan I have no debts and if I had more time I would probably be able to resolve this without taking out a loan, but at this point my choices are limited.

 

Wondering if you have any advice in my situation, the judge suggested taking out a personal loan, but my question is considering my background would I qualify for a 35k loan? For example, if on the application they ask who was my previous employer what do I say for having the work gap, etc., and how will that impact my application? What lender do I have the best chance with when applying? And are there any specific lenders you can suggest that will only look at Experian or Transunion (not Equifax). Are there any other hurdles I'm not thinking about in trying to pull this off and again any advice or suggestions would be greatly appreciated. Thanks in advance.

Message 1 of 14
13 REPLIES 13
Frequent Contributor

Re: Urgent Help Needed! Trying To Avoid Loss Of Home

I think it would be very unusual for the federal government to take your home due to a text debt on such short notice.  You don't mention federal, but I'll assume for my advice.  So, the big question is how did you get here?  How did it land in court?  Did you ignore your tax debt for a period of time?  The federal government will accept a payment plan for a text debt of this size nearly all of the time. 

 

After my divorce, I owed the federal government over $20k and was able to create a payment plan online without even talking to the IRS.  They also garnished my tax refunds for the next few years, but that helped me pay it off ahead of schedule.  I think we're not getting the entire story, and we'll need that to offer any real help.




Message 2 of 14
New Contributor

Re: Urgent Help Needed! Trying To Avoid Loss Of Home

I believe we're actually talking about real estate taxes here - which are not the perview of the IRS.

Message 3 of 14
New Member

resolved: pls delete

Hi Robert, the background is in regards to property taxes, not income taxes. But how I got here isn't really the issue at hand it's how to get out of it through a personal loan and considering the variables how best to guarantee (if possible) I get a approved for a loan. A payment plan with the government relating to this is not an option, they will take the house if I don't resolve this on my own very soon. The only way to do this is through a third party private lender, any help or ideas on how to resolve this going that route would be greatly appreciated.

Message 4 of 14
New Member

resolved: pls delete

Correct this originated as a real estate tax issue, has nothing to do with IRS or federal.

Message 5 of 14
Frequent Contributor

Re: Urgent Help Needed! Trying To Avoid Loss Of Home

Ah, real estate taxes.  That would have been a real handy thing to know in the first post.  

 

OP, I think you've gone past the point for forum help and need legal assistance.  With the credit profile you laid out, I don't think your chances for a personal loan in that amount is very good.  If you have equity in your home, you may be able to qualify for a 2nd or 1st mortgage (agian, we probably need more information) but that takes time.  How you got to this point could very well be prudent to assitance.  Good luck.




Message 6 of 14
Community Leader
Mega Contributor

Re: Urgent Help Needed! Trying To Avoid Loss Of Home

Personal loans are tricky and no one can really tell you what you may or may not qualify for.  

Also, most of them will SP at least one additional CRA (other than wherever hard pull lands) so your other scores may come into play anyway 

It will depend quite a bit on stability of your employment and income 

 

Have you tried any prequals for personal loans? 

EX 759 EQ 774 TU 753


Message 7 of 14
New Member

resolved: pls delete

thanks for the info. haven’t tried any prequals yet. are there any banks that are easier to work with than others?

Message 8 of 14
Moderator Emeritus

Re: Urgent Help Needed! Trying To Avoid Loss Of Home

If you have equity: HELOC.

 

HELOC's are basically let's make a deal unlike second mortgages, there's no standardization and as such they aren't hard to aquire generally up to 80% LTV.  They also can be potentially done more quickly than a second mortgage or home equity loan or cash out refi too.  You probably run into issues as cash out refi's generally you have to be square with the property taxes is my understanding.




        
Message 9 of 14
New Member

resolved: pls delete

Hi Revelate, that seems like a great idea, especially considering I have no mortgage on the property, own it outright. The problem is that technically it is in a state of foreclosure. Would a lender still give a HELOC against a property in foreclosure?

Message 10 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.