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Ihave equity in my house, but bad credit, no one will give me a loan. Is there anywhere i can go?

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Ihave equity in my house, but bad credit, no one will give me a loan. Is there anywhere i can go?

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  1. you have bad credit because you make poor choices, repeatedly

    YOU can improve your credit--stop using credit cards, pay all bills in full, on time every month.  Cut back expenses, no bling, no hair and nails, carry your lunch, no eating out.  Pay down those credit card balances, always pay at LEAST double the minimums, triple is better.  Six months of this will improve your credit, and a year of this will give you good credit if you don't have too many other baddies hiding there (judgments, defaults, bankruptcy, eviction, foreclosure).

    You don't need a loan--you need to live within your income.  STOP spending money you don't have.  NO credit, no loans.  You can change, you can do this, and then you can refi your home.


  2. You can sell your house.

  3. The key questions here are:

    1.  How "bad" is your credit

    2.  What type of loan are you seeking (secured, unsecured,

         mortgage, refi, etc.)

    3.  How much equity do you have in your home (2k, 10K,

         50K?)

    4.  How much money are you trying to obtain (2K, 10K, 50K?)

    These will help us better understand your options, if any.  Best of luck.

  4. It's getting very hard to get a loan with poor credit due to what's going on in the market today.

  5. how bad is bad?

  6. You're still in the running! Equity is actually one of your best assets. I've learned that equity is my single most important asset, and I can leverage it and reap a lot of financial rewards. If you're planning to sell your house, DO NOT put down the entire equity as down payment -- infact put in as little as possible.

    Get a new first mortgage and take cash back at closing There are changing rules for how high of an LTV ("or loan to value") of your property is allowed. Next time you sell, you should never put the entire profit from your home into the next ome. Those are dollars you can declare on you tax return and pay zero taxes. Take much of those 100% dollars and invest them in a tax-advantaged accounts for your wealth-building and to make your next-egg cushion much more safe for life's events...college, weddings, unexpected job loss, illness, retirement, etc.

    I have learned a lot from this book and I recommend it to you : You can find it at http://www.stopsittingonyourassets.com. It's by bestselling author Marian Snow.  It is a good small investment you can make to learn more about equity and have better finances.

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