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D G asked:


We will be listed as entering foreclosure until September, but have already made 5 consecutive payments into the forebearance plan, including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?

Ms. Lise asked:


My credit is really bad I am just going to be honest. I have a few old credit cards and student loans. The only thing that is a plus on my credit is my car note. Are there any lenders that are willing to work with someone like me. I have tried lenders in the past that claim they will help but they all said no.

jadewest asked:


I am a homeowner, which is an asset, but need cash flow to get back on track. Cash flow dried up due to illness (finally diagnosed corrected.) I need cash now to do roof repair, pay bills, pay for survey on additional unimproved property (so I can sell,) and have some money to live on while I get my normal working cash flow built back up.
The bank I use is a very small community bank. Other lending institutions want a 2 - 3 year, recent track record of steady employment and excellent credit rating, regardless of equity in property. I am very leery of online loans and have submitted only a few simple inquiries (very limited info required) Only one has responded, apparently a broker, asking for membership fee before they will proceed further.
Assets are nice, but only cash pays for food, utilities, bills, repairs, gas, and house hold expenses.
Anyone have experience with lenders that are not a scam, are lenient on requirements and that move quickly on loan requests? I am in the U.S.
Thanks.
1) I own the home, there is no mortgage.
2) As stated in the original post, lending institutions want a 2 - 3 year, recent track record of steady employment and excellent credit rating, regardless of equity in property.
3) My cash flow was affected due to several months of illness and I was not working.

i see all the time you can get mortgage refinance rates for around 4.5% but when you speak with someone and then it ends up being 5.5% my credit is good and i’ve been approved but then they hit you with well its 5.5% now etc… what would be some good lenders to speak with ,without all that babbling stuff just explain it in better terms..

By: debra c

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