brownetw asked:
we have about 20k worth of equity but we fell behind on our mortgage payments early this year and negotiated a plan to incorporate the amount we were behind into our normal monthly payments. making those payments a bit higher each month. that however is still not working because of all of our other bills and we want to use the equity to pay off a vehicle and a bunch of credit card debt etc… is that possible?
Hazel
we have about 20k worth of equity but we fell behind on our mortgage payments early this year and negotiated a plan to incorporate the amount we were behind into our normal monthly payments. making those payments a bit higher each month. that however is still not working because of all of our other bills and we want to use the equity to pay off a vehicle and a bunch of credit card debt etc… is that possible?
Hazel
Glenn
No and what you are saying you want to do with the equity if you did get it is a sure way to snowball your problem into an even bigger disaster
Eva
it depends on what your scores are and how many times you were late in the last 12 months in addition to how many days late you went. If you went 60 + days late then you’re probably out of luck.
Anthony
Yes sir it definitely is. In fact you can acquire a mortgage with a poor credit score and as a matter of a fact even after filing for bankruptcy. There are tips and hints that guide you in terms of where to locate these. I found a great article that helps in getting a new home loan for bad credit.
Roland
You would have to borrow from a private individual or a “hard-money” lender. They advertise in the classified section of the newspaper. The banks will not trust you a 2nd time since you already fell behind once..