Trying to get home equity loan
My credit is pretty non-exsistant. I have a large federal tax lien showing on there due to an installment agreement I"m paying on. I'd like to pay it off along with other bills. I own a house with no mortgage. It is worth approx 220K. I'd like to take out 60-75K home equity to pay everything off and do some repairs to the home. Any suggestions on getting this done? by ncylou_313_981 from Severn, Maryland. May 29th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
If by non-existent you mean terrible, then your only option is going to be a hard money loan... the rate will be high, and the costs will be terrible, and more than likely there will be a pre payment penalty, but there is a loan product out there for you.. the best resource for shopping for a hard money lender is scotsmanguide.com 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
Rick Mcinturff (rmcinturff)
#50 ranked lender in Maryland - 25 contributions
If you're over 62 you could do a reverse mortgage, otherwise you will need some type of special financing as suggested by William in AZ. I am here in MD if you want to press onto some other areas.
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
hard money or reverse mtg if over 62 as others have mentioned...
Matthew Wells (mwells1188)
#55 ranked lender in Maryland - 17 contributions
It is difficult to provide a definite answer with the information that you have provided, does "non-existant credit" mean bad credit or no credit? In order to see the full picture your going to have to contact a mortgage professional and provide more detailed information such as social security, DOB, the exact nature of the situation on hand, any co-borrowers, etc. Than have the loan officer decide if there is anything that they can do for you, and if not what the best avenue is for your to pursue. Feel free to contact me, I have dealt the homeowners in similiar situations such as yours.
Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions
>>With the hard money loans wouldn't I be able to refi in a few years and still be ahead of the interest and penalties that I'm paying to the IRS?There's a software package called "Mortgage Coach" that's used by Loan Officers to answer questions like that. You can call the company that makes the software, and ask them to refer a local Loan Officer to you.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
You have a couple of possible options. First try a local community bank or credit union. If you have a payment history on the IRS lien that spans a year or more, that may not be held against you. If that doesn't work, try a local credit union. If that doesn't work then you will be looking at a hard money or private lender. Don't give up though, because with that kind of equity, you should be able to get financing. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
Ask our community a question.
Get an answer
Related Questions
