HOME EQUITY LINE OF CREDIT WITH FICO OF 515?
I have about $80,000 to $90,000 of equity in my home and I would like a HELOC in order to pay off some debt and purchse more real estate.
Anybody know where I might be able to get an equity line of credit with a score that low. Income is good, on job for almost four years, in profession for 13 years.
Thanks
I got a HELOC through Household with about a 570 - They charge VERY high rates though and I did it becasue I had no choice, had to pay some taxes.
Thanks all. Refi is an option, but my pre-payment penalty will be over $6,000.00. I may just have to wait another year until penalty is gone.
Can anyone tell me if there is a standard for what a lender can charge for points on a loan ? I thought that 1point is = $1000.00. Does your credit score drive how much a lender can charge for 1 point.? One lender is trying to charge me 2400.00 per point . This sounds like highway robbery to me. I was also wondering how long do lenders usually go back when looking at mortage payment history?
Heloc is not available for your situation. You credit score is way too low for that. Have you thought about cleaning up your credit? Find out if there are any errors on your credit report and dispute them. If you do that, your credit socre may go up significantly.
Thank you all!!
1 point = 1% of the loan amount.
On a loan amount of $100,000, 1 point is $1000
On a loan of $349,000, 1 point is $3490
1 point = 1% of the loan amount.
On a loan amount of $100,000, 1 point is $1000
On a loan of $349,000, 1 point is $3490
The properties would be sold to offset the debt. If all is not settled then a judement will be filed. I have purchased a few houses from a couple of investors who had this happen I had to put my offer into the lawyer doing the bk and then it was upto the courts to accept it.
how would the judgement be paid back, in installments?
Would the same thing happen to vehicles with loans on them?
JB
[addsig]
If there is a judgement repayment would have to be worked out with the creditor but the judgement will stay on the credit report for up to 7 years or so depending on the state it is filed in. Best thing is to work out the debt so there is no judgement.