we just purchased a house cash with money made from seasonal business. Reo property for under 20k. house is worth 140k. it needs work plus we want to open another office for our business. is it possible that a bank would give us a home equity loan for bout 50k? we have stopped paying credit cards for about 8months and we r so upside down we want to settle but we need more cash to do that? any advice?? also i work a full time job that I have had for about 1yr making about 3k month.that is the only income. reason bills got behind was out of work for a period of time.
Well you need to take some advice from people that know the law. you have taken money that should of paid your credit cards off and purchased a home.
Now you want a loan?
What do you think is going to happen with your unsecured dept?
My advice would be that you pay your credit card dept off by making phone calls to them and ask that they reduce your interest rate so you may get them paid off sooner and if they do not then you will be forced to file BK.
Makes no sense you want to open a second office for a business that made NO INCOME and the only income you have is 3K per month on wages somewhere else.
You have shown blatant irresponsibility by not paying the cards for 8 months, do you have judgments against you and on and on and on.
You will never get a loan through the normal channels and honestly plase read your post and tell us why you should? I mean it not to insult you but to make you realize what shape you are in.
creditreport.imess.net ? try this service to boost you credit score before getting loan. after credit repair you can get the loan with minimal interest rate.
Source: http://www.financetalkinghub.com/bad-credit-home-equity-loan-is-it-possible-read.html
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