Are ther any lenders that will loan on home equity to a person wuth bad credit?

bstacy

LoanSafe Member
Nov 5, 2010
3
0
0
I am here to find someone to loan money on the equity of my home or even refinance it to lower the payments. I have anyways kept my mortgage payments current during all the financial melt down. Now i am trying to borrow so i can pay out some of my debt to make my credit better or refinance to lower my payments so i can free up cash to pay other debts.I have been searching for months , is any one lending ?
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Depending on your credit and your present LTV, there are lenders out there. If you have bad credit, but good equity, there are "hard money" lenders who are lending, but they are expensive. they typically want 65% CLTV (after their loan). They tend to be smaller local lenders, so ask around with local mortgage brokers or Google for them.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I agree with the above members statement, even if you do not have the best of credit there may still be some hard money lenders out there that may give you a loan. However, how poor of a credit rating are we talking about here?
 

bstacy

LoanSafe Member
Nov 5, 2010
3
0
0
thanks guys for your input. the last time i checked about a week ago my credit score was about 571. is there any loan i could get to pay off some debt so i can raise this?
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
bstacy

Hard money lenders don't care pay much if any attention to credit, income, etc. It's all asset based lending. If you have a low CLTV and can stand the expense, you can likely get a loan. What's your LTV now?

If it's very low, I recommend you contact some hard money lenders in your area.