need to refinance my house?

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Hello everyone. I am located in Brooklyn, NY. I have a house in Brooklyn, NY as well. I am in financial trouble and have no source of income, except equity in my house. My house is worth $ 500,000 more than the outstanding loan. Recently I had a credit card debt, but it is now settled. I also am independent, with about $ 6,000 gross income changed. Now with these facts, I would ask you, can I refinance my house and make some money, I need urgently. I have a low income and not so good credit, but I have equity in my house and I always pay my mortgage on time. Please give me any advice and assistance in this situation. The refinancing is my only option to erase my financial struggle. Thank you in advance

3 Comments
  1. Reply
    Judy
    May 3, 2011 at 7:01 am

    They will judge you on your ability to pay back along with your credit.
    Google “how much house can I afford”, so you can see how much you could get with your salary.
    They will require 2 to 3 years worth of tax returns, especially since you are self-employed.
    Call any small bank or credit union and ask them for an appointment.
    There is no cost for this.
    You might be able to take out a loan for about $ 10,000..

  2. Reply
    chatsplas
    May 3, 2011 at 7:04 am

    Taking money out without ability to repay will be difficult. $ 6K in self-employment isn’t enough, added to having bad credit, even though low debt load, makes it unlikely.
    However, you may be able to get a loan modification or refi (without cash out) as the government is encouraging lenders to work with homeowners. A loan modification or refi would get you a lower interest rate and lower your payments. NOT what you want, but it could help your financial picture.

    Reverse mortgages have LOTS of fees and are only available if you meet many criteria.

  3. Reply
    gardenoflia
    May 3, 2011 at 7:58 am

    Apply for HELOC or look into a reverse mortgage (62 or older). Learn how to use that equity for an investment that will pay higher interest than the loan (record low rates now).

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