where can i get a home equity loan ore line of credit loan with bad credit?

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my credit score is very low but i own a $ 75,000 house with no mortgage. i am looking for some kind of loan so i can do major repairs on my house but i keep getting turned down due to my credit. i have been at my job for almost ten years and make around $ 300.00 a week.

  1. Reply
    Nick R
    May 3, 2011 at 11:52 pm

    If you own the house, which is sounds like you do, have you considered a home equity loan? A link with some good information on home equity loans can be found below, good luck!

  2. Reply
    May 4, 2011 at 12:49 am

    You should be able to do this, but you will pay a very high interest rate.

  3. Reply
    May 4, 2011 at 1:48 am

    right now you probably will not be successful. to get a loan in todays market you need:
    1. perfect credit
    2. perfect job history
    3. excellent payment to income ratio

    the good news– within the next six months credit will, hopefully, open up a little. your problem is your ability to repay the loan with your low income

  4. Reply
    May 4, 2011 at 2:42 am

    Whatever you do, DO NOT use a company called Woodbridge Lending Services. This is a scam and many people have be scammed out of thousands of dollars. There website may look professional and when you talk to the people they may seem legit, but take it from someone who learned the hard way. It is a scam. Check out any and every company before you decide to use them. Good luck!

  5. Reply
    May 4, 2011 at 2:59 am

    Wow, with a house that is cash you really should not have that much trouble. Amazing how banks are changing so rapidly.

    Keep trying, but maybe ask banks for a 5 year mortgage for the amount you need. They don’t advertise this, but banks DO offer short term mortgages, with fixed rates no games.

    If you have time go to annualcreditreport.com
    and fix anything that is incorrect or outdated if you haven’t already done so. Things become outdated after 7 to 8 years.
    Also get one credit card, and pay it in full each and ever month for top notch credit. Carrying a balance reduces credit.

    Keep trying, there is no reason you should be getting turned down if your house has no mortgage. If you are asking for 20% value they should be throwing it at you.
    Try a credit union.

  6. Reply
    I Buy And Sell Houses
    May 4, 2011 at 3:34 am

    Find a private lender. Last time I suggested a resource, someone flagged my answer and Yahoo! removed my response, so I won’t do that again.

    But private lenders will, either as a group or individually.

    Maybe you even know someone with some money. They can secure their loan with a mortgage on your property. If you don’t repay according to the terms of the mortgage, they can foreclose. That’s the risk you run by borrowing on your house. But I know plenty of investors who’d lend $ 10,000 or $ 15,000 on a $ 75,000 home with no mortgage. The interest rate might be high–say 18% or so, but they’d do it.

    An investor can even fund it out of a self-directed IRA. And with the stock market in free fall right now, plenty of investors are looking for better places to put their money. They’d be glad to lend money at 18% secured by an asset worth 6 times the loan amount.

    Hope that helps.

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