Credit Crisis!
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Credit Crisis!
| Sun, 11-06-2005 - 2:51pm |
New to this board...hello all-I am in crisis! Need advice-anyone know of any mortgage lenders who will qualify someone with a very low credit score? I am trying to get approved for a home equity loan -there is no 1st mortgage on my house -have about $300,000 in equity and cannot get a loan!! Help! I need cash now for emergency situation, no one will finance me.

I wish I did. My situation is because of my mortgage. We were working on refinancing but our broker would never call me back! My credit dropped, wasn't that great to begin with! I just need to refinance!
Michelle
Hi Gypsy Star,
That's terrific that you own your house free and clear! How frustrating that you can't leverage it right now... I wish I could help you there. Perhaps someone else has an answer to your question, although to be honest, I'd be very leery of anyone who specifically targets people with low credit ratings. Often they charge exhorbitant interest rates and use other unfair credit practices. Just be really careful--I'd hate for you to end up in a worse situation because of it.
At any rate, welcome to the board, and please feel free to tell us more about yourself. We're all here because we've made financial mistakes in the past and we're trying to fix them, and it's a great group of very supportive folks. We'd love to hear more from you.
Blessings,
Heather
I know when I bought my car I applied through e-loan, and they said if they couldn't find lenders who would approve me they would refer me to lenders who work with lower credit ratings.