Am I able to take a secured loan out on my home with bad credit?
I have a home that I have k in eqity and my credit is not good at all and I have mortgage lates because I had lost my job and had been unemployed from April until August of this year. My mortgage payments are behind 3 months and I am now employed with a temporary agency. I have about k in debt with credit cards. Is there anyway to take a secured loan out on my property to pay off my debt and pay my mortgage current. I am also paying a high interest rate and rates are much lower now and I dont want to lose my home. If anyone has any resources it will be greatly appreciated. Please advise
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They might or they might not. It depends on many factors and how big the debt is.
I doubt anyone will give you another loan on your house. In the case that you default on your mortgage, the first mortgage would get paid first and then any other loans against your home. If you can’t pay your first mortgage, it’s unlikely you would be able to pay your second.
You may want to try and negotiate your monthly payments on your unsecured debt. Your mortgage is priority. Pay that first. If you can’t pay the credit card debt, at least they won’t take your house.
Check into some assistance programs. Mortgage companies are very aware of the economic climate right now and are probably willing to work with you on your payments so that you don’t default. They would much rather have your money than your home. See if you can talk with someone there who might be able to help.
Unless the value of the home is LESS than $100,000, you don’t have enough equity for a home equity loan. The loan to value ratio needs to be at least 80% AFTER the loan and most banks won’t bother with a loan under $20,000.
The above answer assumes GOOD credit AND being current on the primary mortgage. In your case, you would have found it extremely difficult to get the loan BEFORE the housing bubble burst.
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