marcecore asked:
I am looking to pull $$ out from my house via a Home Equity loan or a Re-finance. Which bank should I go with?
I had a recent BK probably 2 yrs ago. With my BK I had a foreclosure as well included in my BK. My credit scores are between 620 and 640. I have about 100K equity in my Condo. I am looking to pull out anywhere from 30K – 50K. Any thoughts or ideas? Thank you.
Roberto
I am looking to pull $$ out from my house via a Home Equity loan or a Re-finance. Which bank should I go with?
I had a recent BK probably 2 yrs ago. With my BK I had a foreclosure as well included in my BK. My credit scores are between 620 and 640. I have about 100K equity in my Condo. I am looking to pull out anywhere from 30K – 50K. Any thoughts or ideas? Thank you.
Roberto
Arlene
It is very doubtful any bank will accept you with that record. As real estate has dropped so drastically, it is highly doubtful you have that much equity, too.
Marcia
I have heard that banks will not consider any loan if the total loan-to-value is greater than 50%. I have $240,000 equity in my home, even at current depressed values, and no bank will talk to me about a home equity loan. I have not filed bankruptcy, and right now, the LTV on the home is only 25%.
The banks are awash in federal bailout money, but they are using it to pay bonuses to their greedy and incompetent chief executive officers. Sorry.
Melissa
1- you will only be able to borrow up to MAYBE 80% of the appraised value including the existing mortgage balance
so – if your condo is worth 200,000, and your mortgage balance is 100,000, you can usually borrow an additional 60,000 (160,000/200,000 = 80%)
BUT – only if you also have enough income and low enough other debt to be eligible for that extra credit borrowing and with that low a credit score and recent BK and Foreclosure,your chances are not good
how did you get so much equity if you had a foreclosure and bankruptcy only 2 yrs ago?
have you had a recent appraisal dome on te property? – house prices have been going DOWN for the last 4 yrs and condos are teh worst type fo real estate for holding value
Cynthia
What you can do is try a few of the large banks. Go for banks that have a physical presence in your city, and walk in. If you’re a member of a credit union, you can try that, too. Then, compare terms on your own before signing.
That said, I have 3 concerns:
1) You may not have as much equity as you think, or any at all. Others have mentioned this.
2) I believe a bank would be looking for a 680 credit score at least. But you can try. Avoid non-conventional lending sources. You might get a loan, but the interest rate would be horrible, and trap you in an endless cycle of debt.
3) This is the worst time to take on more debt. What would you use the money for? Could you afford the additional mortgage payment? If you could, how about just saving up that amount each month, until you have the money you need?