myohmysjb63 asked:


I was recently divorced, my daughter is in college. I fell behind on some payments on my credit cards in an effort to support my daughters educational needs. I have two homes with approx. $70,000.00 worth of equity. I requested from a local bank where i already have a note to borrow approx. $30,000.00 to pay off all cards and other debts. The banking institution refused my request, stating that i have some delinquent payment issues, on cards, etc. He stated since i have a note with them the only thing he can do, is re-adjust my payments on that particular note i have with them. I am new at this type thing, could someone please give me some advice? I am just trying to bail myself out of the hold that i am in, to make a life better for my daughter. Both homes have a lien on them with the bank.

CASEY

ANDY777 asked:


I am applying for a home “EQUITY LOAN” how does that differ from a regular mortgage? & does experian look at it the same when calculating there “credit scores” ? ( I know they look at “EQUITY LINES OF CREDIT” negatively if used to the max.

EFREN

dani6121981 asked:


I applied for a home equity loan but was denied because of debt to income ratio. I reapplied with a co borrower and this doubled the income. My credit score is 720 and the co borrower’s is only 600. We both have good employment history. My question is: Will they use my credit score or my co borrowers? Does it matter who makes more money?

BURT

caffeinespike asked:


I am looking to consolidate/ pay off my bills with a home equity loan but I only have a credit score of 630! I am afraid that the credit inquiries will LOWER my score more if I am denied. Should I even bother trying to get one? I don’t want to mess up my credit any more.

Are home equity loans credit based?

SIDNEY

Gregory asked:


Just bought home in distress. FHA Loan. Appraised 410k, owe 300k. Need to pay commission to broker who found it for me and need equity to do so. Anyone aware of a lender that will let borrow equity within first year of purchase?

ISAAC

Justin M asked:


Should I buy a car with a standard loan or with a home equity loan?

LAVERNE

Matthew C asked:


Is it possible to transfer my home equity loan balance ( $10,000 at 8.25%APR) thru my bank to a credit card with a lower APR ( say a Balance Transfer Card at 1.9 % APR for 18 months). My Bank says NO….not without a cash transfer. Why not? I have excellent credit and this would save me from paying interest for a year and a half. By then, almost all of the $10,000 would be paid too ( I put in about $700 a month). Any advice?

WM

Brian E asked:


i was unemployed for 15 months and a friend loaned me 10000.00 to keep me going . I am back at work but i need to pay back this debt and now my credit ***** because both my wife and i were unemployed. Our credit cards got behind but we were able to keep the house up and our carnote current and we are both back at work but now my friend is having rough times and needs the money fast. Do any of yall see any alternitives since my parents are unable to help and i am scared to borrow against my house. my interest rate is 6% on my house and if i refianance i was told it could go up to 10 to 18 %

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bejewell asked:


We have terrible credit and would like to pay off all of our debt and start fresh. We own our home and have probably about $40,000 in equity. We’d like to refi the house, take the equity out and pay off our debt - it’s the only option we can think of besides declaring bankruptcy. But honestly with bad credit I don;t know that this is even an option for us, and if it is, I don’t even know where to start.

Is it a good idea, and if so, where can we look for a refi that will loan to people with really bad credit?

If it’s not a good idea, is bankruptcy our only other option? We live paycheck to paycheck right now and don’t have any other way of paying off the debt.

Thanks!
To the answerer telling me to “grow up” — please don’t judge. We are trying to grow up and get out of debt the best way we can. We have a ten-month old baby to consider and want to do what is best for all of us. We have made some bad choices in the past and have learned some lessons the hard way - we accept full responsibility for our past decisions and we’re doing the best we can. I just need helpful guidance - not tacky comments to make me feel even worse about the situation!!

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curios_liz asked:


I applied for a home equity loan so I can consolidate my debt. I was asking for a lot less than the equity I have for my home available. I was denied because the bank said my DTI was 65% and they only allow up to a 50% DTI. But when I got my credit report and added up all my monthly payments reported, my DTI using only my salary is 53.5%. If I include my child support, which I did inform the bank I receive, my DTI is 49.6%. I don’t understand where the bank got the 65% DTI. I did also inform the bank I was going to consolidate my debt. If I had received the loan, with my new payment and all the rest gone, my DTI would then be 44.3% or 41.2% respectively. If I call the bank and ask for a detailed explanation on how they came up with their calculations, will they give it to me? Or do they not have to? Thanks for all your help….

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