How Easy Is It To Get A Second Mortgage? - Posted by Big Harold

import · February 18, 2002, 4:03pm

Posted by Big Harold on February 19, 2002 at 03:19:22:

Bud,
A sale to whom? Could you please go into more detail about this - sounds really interesting. Thanks.

Harold Wilson
Real Estate Investor

import · February 18, 2002, 4:03pm

How Easy Is It To Get A Second Mortgage? - Posted by Big Harold

Posted by Big Harold on February 18, 2002 at 17:03:58:

Hello again,
I’d like to know how easy it would be to get a second mortgage on a home I own with bad credit. I have “D” credit, but the house I own has a $33K mortgage on it now, and it appraises for $56K - got this EXACT same amount for 4 different companies in the past 1.5 years. I’m only looking for a $10K loan, which would solve an awful lot of problems for me. If anybody knows where I could get this, please let me know. Again, thanks for your time.

Harold Wilson
Real Estate Investor

import · February 18, 2002, 4:24pm

Re: How Easy Is It To Get A Second Mortgage? - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on February 18, 2002 at 17:24:43:

is your credit score so low that you can’t re-fi?
an 80% LTV re-fi would net you the $10K in cash you need and wouldn’t gouge you with rates and fees like a second mortgage would.

BMP

import · February 18, 2002, 4:54pm

Re: How Easy Is It To Get A Second Mortgage? - Posted by Big Harold

Posted by Big Harold on February 18, 2002 at 17:54:23:

Brian,
Thanks for your response. Actually, my credit score IS so low that a refi isn’t working out the way I need it to. A second mortgage, even with high rates and fees, is definitely gonna be my best bet here. Any help would be appreciated.

Harold Wilson
Real Estate Investor

import · February 18, 2002, 9:24pm

Re: How Easy Is It To Get A Second Mortgage? - Posted by Nate(DC)

Posted by Nate(DC) on February 18, 2002 at 22:24:09:

Try one of the finance companies (the kind in the strip malls…American General, Beneficial, Citifinancial, Washington Mutual Finance, or whatever the heck they have in Harrisburg), they will often do small ($5K - $10K) seconds if you have equity, even if your credit is as bad as it is. If that’s all you need, it’s worth a shot.

NT

import · February 18, 2002, 9:05pm

How about? - Posted by Bud Branstetter

Posted by Bud Branstetter on February 18, 2002 at 22:05:35:

A sale with a leaseback and an option. They get a new loan and you pay them back plus extra payments to make it worth their while.