I need a loan for upgrades on my house and a wedding. I have Bad credit its about a 540 (i know its bad) i have no mortgage paid for the house cash the estimated property value is for about 64000 i need about 15,000-25,000 . I also do not have any other bills like car payments everything i have i paid for in full if that makes a diff … if anyone could tell me what lenders are more likely to give me a loan that would be much appreciated. lovelandco2@yahoo.com.
Home Equity Loan Help?
January 26th, 2012My husband and I are looking to get a home equity loan to consolidate our credit card debt. We own our home and have no mortgage. I normally would not even think about doing this but I suddenly lost my job when we found out I was expecting so now I am working at a job making .00/hr and it severely affected our income. We do not use our credit cards and I was on a roll paying them off but now I don’t know what to to because I am paying only minimums (which I HATE doing!), and I would like to pay off a few credit cards before baby comes. We applied for a home equity loan and told them exactly what we were using the money for. The bank offered to pay them off directly if we were approved but we were a few points short on our credit score to be approved. Should I try another bank? Or do you have any other suggestions? I am very frugal with my money so don’t tell me I need to budget better. We cut out any additional spending. Please don’t tell me I should’ve had my finances in order before we got pregnant. If you have nothing nice to say please keep your comments to yourself. Any good advice is welcome 
Thank you!
**I do know the risks of this and that is why I said we don’t use our credit cards. They are cut up and were used for things such as home improvements when we first bought the house and stupid things when we were in college.
How do I wisely use a home equity loan?
January 15th, 2012I bought a house in July 2006 for $ 158,000 and the mortgage today January 2012 is 5 ($ 1041 total per month) with 6.75% 30 year fixed rate. 
I have ,800 equity loan with 3.75% rate from house .
I have ,000 in the bank and I am thinking of paying off my mortgage.
I also own another ,000 house.
+ the fixed 3.75% equity loan expires in 2/1/2015
+ house I bough costs $ 158,000 with 20% down and the mortgage was $ 125,000. January 1st mortgage balance is $ 117,292 +I’m with Bank of America
sorry for the confusion
I paid off the 65000 house.
So I would use the 57292 of home equity and 60000 of my money that I have in the bank to pay off the 117,292 mortgage. Leaving me with 5000 in the bank and a 3.75% mortgage.
When the equity expires it becomes a variable rate to what the market rate is at that time.
My home equity was discharged in my bankruptcy. If i settle w/ bank will it hurt my credit?
January 6th, 2012my home equity line of credit and mortgage were discharged in my bankruptcy 2 years ago. I have paid both on time ever since then. My mortgage is reporting positively to the credit bureaus and my home equity isn’t reporting at all. I am in the process of selling my house and buying another house so I called the bank that my home equity line of credit is with to ask if they would start reporting, to help build my credit, and they told me that they couldn’t. They also told me that they would agree to settle with me for a lesser amount if I paid in full. If I settle with the bank and pay it off in full at the settled amount will this affect my credit in a negative way or hurt me when trying to get this new home loan? Even though they aren’t reporting to the credit bureaus at all? Will it hurt my credit like a short sale would? PLEASE HELP!
i know that it is legal for me to pay a discharged debt. If my account with my home equity is not reporting what so ever and I do settle with them, will it show on my credit report that I settled? Will my account go from showing "inactive" to saying something along the lines of "closed" or "closed/settlement"? because if so, wont the bank that i go get my new home loan from see that and then not want to give me a loan? If i was a lender and saw that someone just settled another loan not paying full amt. I wouldn’t want to give them a loan! Or would that not show up at all, and no other bank would even be able to see that I settled?