A home was quit claimed to me with no mortgage can I take out a bill consolidation type loan to pay back taxes?

Depending upon how long you have actually been in title to the home, you should be able to cash out for any reason, provided you can find a lender willing to lend with credit scores below 620. It appears Kim Lawson has programs available for those with credit scores below 620. Her comments are below.

It will depend on your credit, how low it is, your abillity to repay the loan and the value of the home in comparison to the amount of money you want to extract, so you will have to qualify for the loan just like you would any other. You likely will not be able to exceed 75% loan to value on that so in order to get $45k cash out as you have said, the home must be worth at least $60k depending on how you plan to pay closing costs. Beware of those who tell you that they can get you a loan when you have bad credit, they may be able to get it for you but the interest rate and fees will be very very high.

It depends on what you mean by "Low score"... for any type of conforming loan, you will have to qualify.. Meaning, you bring in pay stubs, tax returns, w2's, 1099's, etc... And your credit has to be sufficient, as well as having enough income to show your ability to pay back the loan.. It really doesn't matter how much the home is worth.. Since lenders are not in the real estate business, they are in the money business.. If you don't make the payments, they foreclose on the home and sell it at sale and get their money back.. So to a bank it wouldn't matter if the home was worth $250K, and lending you $50K.. They still won't do it if you cannot qualify based on conforming guidelines... There are hard money lenders out there that will lend without concern of your credit.. You still have to prove you have income to show you can pay back the loan, but their lending programs are based on equity.. So assuming your home is worth at least $100K, you should be ok.. Keep in mind that borrowing from a HML is very expensive.. Expect to pay 12% to 15% interest rate, and 3 to 6 points, and it will probably have a pre payment penalty.. But there is a loan product out there if you cannot get conforming financing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It may be possible, depending on what is really wrong with your credit and what the home is worth (your equity). Work with a local Mortgage Banker/Broker to find out what your options are. I don't recommend using one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Hi, I can work with scores down to 530 there are some requirements to meet though. That said, if you'd like to give me a call I can take an application and go over the prerequisites with you. If you'd rather you can apply online through my website www.kimlawsonloanofficer.com or again, via phone at 888-659-3848. Thanks, Kimberly Lawson First Priority Financial NMLS 5601 OH.LO.004495.000

I look at all options for you. You may need a Portfolio product depending on your current credit score. I would need ot review your credit profile to see where you stand. Even if your score is low, you may have options if it makes sense and has a low loan to value to lower the risk to an investor. There is a minimum loan amount for many lenders so this is something to consider in your search.Janine Bodway, jbodway@acceptancecapital.com

You may have to go with a private lender on this one..depending on the value of the property, $45k is very realistic. Your credit is not an issue. Terms are normally 10 yr notes, no prepay. Let me know if you would like more information.Lisa Oglesby, 386-569-3761

As the owner of the home, of course you can apply for a loan against the home. This is commonly called a Home Equity Loan. If you meet lender qualifications to get a loan is a whole different story. A low credit score is not what lenders want to see.

You may have difficulty finding a traditional mortgage, but check with the others who have options that can help you with a very low score (below 600-620). Some credit union's might work with you if there is enough cash in the house and depending on the reason for the low scorw. Generally I do not recommend finance companies but that may be your only option.

PS. It will also depend on whether there are other liens or mortgages against the property.

There is a lender named First Guarantee Mortgage Corp that goes down to 580 score. Here is there number: (240) 575-3347. Best Wishes.