Profile picture for jodibugg25

My home is paid off and I want to borrow against it but bad credit. Help!!

I own my home straight out. I inherited the house when my grandfather passed away. My divorce killed my credit and I am in a tight spot right now and need to borrow against the house. I want to clean up my credit and pay off my car and catch up on child support. Credit score is like around a 540 or something. Please help me!!!
  • October 23 2013 - US
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Answers (10)

Profile picture for j3350489
There are some mom and pop banks they may lend to you but at a high interest rate . 
  • February 15
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Gosh that is a tough one, but don't give up.  It will take some time and effort, but cleaning up your credit is possible.  My advise, get some help.  Get credit counseling or go to a mortgage broker and ask for help.  Most brokers will pull your credit and guide you in the best actions to take to get you where you can buy a home.  Good luck.  Connie
  • February 12
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Profile picture for dowright1265

work on your credit score, with that score your intrest rate would be to high it wont make sense to do that at this time...





  • February 09
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Profile picture for zuser20141109081351119
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  • November 09 2014
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Profile picture for lizzieu44
@jodibugs25. I see this was from a while ago. I'm in the same boat...did you have any luck? Any advise you could give me?
  • November 09 2014
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Profile picture for brandyg8
Most RAMs (reverse amortization mortgages) are a scam. I am looking at one right now. I have the public records on the chain of title. An elderly woman owned a home outright. A mortgage company loaned her 40K plus on the home becuase her credit was bad. However, on the public records the mortgage company recorded a lien against the property at 195,000, NOT 40K. That, my friends is a
scam. Also in the mortgage documents the title (deed) was transferred to the mortgage company. They are now forclosing on her for the 40K however they recorded the mortgage against the house in the amount of 195k.??????? Most of these RAMs should be outlawed by the Federal Banking Division.
  • October 27 2013
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Profile picture for The Mortgage Mark
Contact a mortgage lender.  Most mortgage loan officers can review your credit for you and let you know what would be needed to do to quailfy. 
  • October 23 2013
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WE can do a FHA and VA cash out refinance down to a 530 fico.

Contact me for details through my profile
  • October 23 2013
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Profile picture for JoshBarnettREIB
You could ask your bank for a high interest rate signature loan with the home as collateral, potentially, every bank is different.  
  • October 23 2013
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Profile picture for Primary Louisiana
I hate to say it, but you need to work on your scores.  I would find a trustworthy lender in your area that is willing to pull your credit and go over what you need to do to raise your scores.  Find someone that is willing to take the time.  You should not have to pay for this, but keep in mind how they worked for you when you are ready to refinance.

Good Luck
  • October 23 2013
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