reasonable home-equity loans with slow credit?
Question: hey there. I’d like to thank those who offered the suggestions for rebuilding my credit rating. Guess it’s off to the credit union in a few days for me!
now my parents have decided to get back on track.
both of them carry moderate amoutns of debt from credit cards, etc, but as they have not paid off a number of them on time, some of these have gone to collections. They have one mortgage on the house, with absurdly low payments, and they have had this mortgage for about 22 years. Meanwhile, they desprately need a new car, and some improvements on the basement and roof, etc. But their credit, again, is not the greatest. They probably need to take out a home equity loan of about $30-$50,000 in order to get all of this stuff taken care of.
My question is: are there any lenders out there who might offer my parents a loan under fairly reasonable terms? I’m talking a not-too- high interest rate, no (or very very low) closing costs, essentially a reputable company who won’t throw my parents out in the cold for whatever reason. A loan on their house, seriously, is the only way they can get financially back into shape. They don’t really have anything else.
thanks in advance for any and all suggestions
Answer: This is easier, home equity loans are secured loans. Most any bank will be willing to lend them money on their home. But the part about
“essentially a reputable company who won’t throw my parents out in the cold for whatever reason.”
bothers me a bit. A reputable company won’t foreclose on one missed payment; but they aren’t a benevolent society.
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