Posted on: 24th Oct, 2010 12:31 pm
I own my house/condo free and clear. My Mom owned it, paid off the mortagage and gave it to me. The title has transfered to my name.
The house is worth about $275,000. The problem : I did not pay the taxes last year, did not have the cash, and now another tax bill will arrive.
My credit score is 640 .. not great, not terrible. I tried to get a home equity line of credit form TD bank and they denied me, low income . I make 35,000 and negative credit report ( probably tax lein from not paying last year) I dont want to sell house, but need money to pay taxes and do some upgrades.. can I get a mortgage for like 50,000, try another bank for a hime equity loan. I was surprised I was denied as the house could be collateral... Please help
The house is worth about $275,000. The problem : I did not pay the taxes last year, did not have the cash, and now another tax bill will arrive.
My credit score is 640 .. not great, not terrible. I tried to get a home equity line of credit form TD bank and they denied me, low income . I make 35,000 and negative credit report ( probably tax lein from not paying last year) I dont want to sell house, but need money to pay taxes and do some upgrades.. can I get a mortgage for like 50,000, try another bank for a hime equity loan. I was surprised I was denied as the house could be collateral... Please help
Welcome lynn,
If you already have a tax lien on the property, the lender will not be ready to give you a mortgage. You should contact the IRS and get a payment plan from them in order to pay off the tax dues. This will help you in paying off the taxes with time.
If you already have a tax lien on the property, the lender will not be ready to give you a mortgage. You should contact the IRS and get a payment plan from them in order to pay off the tax dues. This will help you in paying off the taxes with time.