Second Mortgage?
Wednesday, 4. August 2010
can I get a 2nd Mortgage with bad credit and only 5k in equity?
my value is 155000 and I owe 150000
Easy Home Equity Loan
Home Equity Loan Information
Wednesday, 4. August 2010
can I get a 2nd Mortgage with bad credit and only 5k in equity?
my value is 155000 and I owe 150000
Damn_I'm_Good Says:
no.. you cant…..
they wont lend 100-125% of appraised value with bad credit,
Suck it up.. and stop spending what you dont have…
VanJohn ♫ Says:
It is unlikely that you can get a second you want with the credit you have, if you’re looking to get it from a conventional lender. Your best hope is to find a private lender – usually a friend or family member – who is willing to loan money to you. But they, as with a responsible lender, will want a ‘secured’ interest in the property on which you are taking out the loan.
shadowsthathunt Says:
You could try, but it sounds as though you have bit off more than you can chew with this original mortgage. Before you go and try to get the second mortgage, sit down and look at your finances. If you feel that there is no way to pay the current loans and bills, then you may need to consider selling and buying a less expensive house by re-financing your current mortgage. Unfortunatly adding another bill may not be the solution to your problems. If this is not going to work for you, then you can contact the bank that you use for your every day checking/saveings and see if they will give you a loan. You will have a better chance with them than anyone else. There are plenty of fly by night companies that will give second mortgages to people with bad credit, however make sure that you research the company to make sure that you are not going to get stuck with them takeing your money and not alocateing it towards your home. Good Luck and Happy New Years!
Benzo Says:
not likely these days.
Quicken Loans Says:
2nd mortgages are very hard to find right now and if you can, they have pretty tough guidelines in order to qualify. In general, you will only be allowed to take cash out up to 90% of the home’s value. Since you are already above that marker, it is highly unlikely you will be able to find a mortgage for that amount. You may want to speak with a bank about a personal loan.