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Can we mortage our house we own. We have over $150,000 in debt, but own house free and clear?

Because of high debt, our credit score is not good. We would like to use a mortgage to consolidate our debt. Our house was built in 1986/87
  • August 21 2009 - Stevens Point
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

read my repsonse on the other question you posted, thanks!
  • August 21 2009
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Mr. Bill,

Please read Zillow's no spam policy as you have been flagged for this reason.  Although it appears that spamming is your main gig.  Where is Mind Cast Avenue in New York anyway? Oh yes, it's between Sell Your Mother Down the River Boulevard and False Promises Loop. 
  • August 21 2009
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Without knowing your exact credit scores, I cannot tell you if it is likely you could meet most lender's credit guidelines and qualify for a cash out refinance. Many lenders do not allow the borrowers to pay off debt to qualify. However, there are lenders who will allow borrowers to pay off debt with a cash out refinance in order to reduce their overall monthly payments to qualify for the loan. If you are 62 years, or older, then a reverse mortgage is also an option. The reverse mortgage loan has no credit score requirements.
  • August 21 2009
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What is the  value of the home?  You can only borrow a portion of the appraised value.

It is rarely a good idea to put unsecured debt into secured debt.  
  • August 21 2009
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